Possible CRAZY Gold DOWNTREND? (read FULL analysis)
Updated
GOLD XAUUSD XAUUSD XAUUSD XAUUSD XAUUSD XAUUSD XAUUSD XAUUSD 
DXY DXY NASDAQ:DXYN -
After breaking trough multiple resistances, and rejecting all of the key levels until the previous market close (last friday), GOLD seems to be going for a continuation of a strong bearish market.
According to my anaylsis, I protected my SL be placing it above the previous strongest Support Level, making it a safe but smaller risk trade.
Also, in accordance to my understanding of how the market moves, I targeted a almost 10 R.R.R (at 9.89 exactly), simply because, with all of the technical analysis I have made, I believe that the market already created it's Intention, then Pulled Back by rejecting key levels continuous times, and will now perform Continuation, which means reaching my Profit Target at the 1804.653 level.
As well, as the DXY is indeed moving upwards at it's own pace, making equal highs and aiming for higher highs.
-
With all of this information put together and analyzed, what do you think could be the possible scenario for GOLD?
Let me know your thoughts below, and I wish you all an amazing day!
Trade closed: stop reached
Should had placed the stop loss a little higher, since it reached the SL with just the tip of the wick and then it went back down with everything.Always learning!
Now since the price and the chart are still telling me the same as yesterday, I will re-enter the position this time with the SL just a bit higher than before.
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.