Gold (XAUUSD)Short
GOLD TO CONTINUE IN BEARISH CYCLE
Updated
Gold has been in a bear market since its ATH of $2,790 back in late October, as my previous gold post stated there was an opportunity for a short against gold which could see potential returns of around 7-8% in just 60-90 days (prediction generated using trend cycle AI tools).
I have slightly adjusted key level's after spending some more time utilising MTFA, the key levels are clearer now, i have also left to Fib tool on my charts to purposely show you the targets i expect gold to reach.
These are major levels, other traders will also be trading to these targets influencing the market in the direction we need it to go as a short seller.
Key levels:
Entry: $2,646
SL: $2,680 (just above recent key level to act as a barrier)
1st TP: $2,535
2nd TP: &2,470
Profits would be locked in along the way, using the TP's i have just listed out. I would also bee inclined to move stop to entry at $2,600 to remove risk all together, at this point i would be convinced enough of a complete cycle change into a complete bear market.
I have slightly adjusted key level's after spending some more time utilising MTFA, the key levels are clearer now, i have also left to Fib tool on my charts to purposely show you the targets i expect gold to reach.
These are major levels, other traders will also be trading to these targets influencing the market in the direction we need it to go as a short seller.
Key levels:
Entry: $2,646
SL: $2,680 (just above recent key level to act as a barrier)
1st TP: $2,535
2nd TP: &2,470
Profits would be locked in along the way, using the TP's i have just listed out. I would also bee inclined to move stop to entry at $2,600 to remove risk all together, at this point i would be convinced enough of a complete cycle change into a complete bear market.
Trade closed manually
BTC took a dive likely causing GOLD to spike, i was going to be taken out so i manually closed the trade. When BTC dumps a lot of investors convert to other assets to hedge against BTC, one of them is GOLD.
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