Critical SL position for gold selling orders!
Gold is encountering resistances (yellow arrows in the circle) in every steps upwards. We've closed most of our buy-stop orders opened at 1935, but only keep 1 lot with SL1934 to close above 1965.
No bullish chasing above 1965 even there's a possibility to reach 1985 because on 4H chart, gold is trying to have its 3rd moves. But on 15M, 30M, 1H chart, gold is over bought. So, it's safe to set SL above 1985 for all selling orders.
* 1st resistance: 1965. SL: 1986.8.
* 1st support: 1935.
* critical positions: 1935, 1985.
No bullish chasing above 1965 even there's a possibility to reach 1985 because on 4H chart, gold is trying to have its 3rd moves. But on 15M, 30M, 1H chart, gold is over bought. So, it's safe to set SL above 1985 for all selling orders.
* 1st resistance: 1965. SL: 1986.8.
* 1st support: 1935.
* critical positions: 1935, 1985.
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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.