Gold is bearish and US Dolar is very strong, so Gold is moving down and start looking the 1680 barrier; I think we will get bounces as we get lower , so the first area were i would buy is at 1694 and than eventually at the end of the channel around 1680-1685, but first we need to get to 1694 and at the moment we are trading over 1700; if we get to 1694 i would check first if the support is real at that point i would go long to 1705-1715, off course i would long the area of 1680-1685 next ; as the US Dollar is strong i will really wait for confirmation before entering a trade here as it is against the trend at the moment, if Gold will maintained the 1700 line i will revisited the trade later, but i really do not like going short on Gold at this level
Trade active
Note
bought 25% position at 1695Trade closed: target reached
Closed the trade at 1704 with nice profit
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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.