GOLD Is currently holding critical support at $1850. If the $1850 mark is broken then this trade set up is invalid.If the $1850 mark is held and there is no clear bearish divergences on the 4hr timeframes, then there is a great short term long position.
Long position:
Entry between $1850 to $1860
Take profit:
TP1 : $1880 - Around the 0.236 Fib
TP2: $1885 - just below the next resistance
TP3: $1922 - 0.618 Fib
Stop loss: Should be set just below $1850 ( I set mine at $1848)
This will result in your position being closed just after the critical support is broken
Another potential bearish scenario is if the
DXY breaks and closes a daily candle above $92,50 and $93.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.