Gold Shorts
After Monday's steep drop, the price of gold began a correction, reaching as high as 2643 before resuming its decline. However, gold found support around 2620 and started recovering again to the upside. Price action now appears to be pulling into the fair value gap that was formed when market broke and closed below 2668. A bearish continuation, suggesting that the next major move could be another downturn.
In the meantime, gold may continue to rise
in a choppy fashion toward the next key level
at 2668, 2673.
My strategy is to sell rallies near this zone,
targeting a drop to 2590 while monitoring
the newly established temporary support at 2620.
In the meantime, gold may continue to rise
in a choppy fashion toward the next key level
at 2668, 2673.
My strategy is to sell rallies near this zone,
targeting a drop to 2590 while monitoring
the newly established temporary support at 2620.
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.