GOLD / XAUUSD Analysis
As previously mentioned in recent updates on the asset, some profit-taking activities are anticipated in the current area. Accordingly, shorts have been initiated, targeting the key area marked by the red box on the chart around the 2340s. However, before reaching this target, prices must debase the levels of 2400, 2389, and 2371, which were also our bullish targets on the way up.
Although there is a P & F bullish target in the 2470 area, there are reasons to believe that this target might not be reached in the current leg. The current upward movement appears to be in its exhaustion or ductility stages. We will monitor this closely and be ready to adjust our strategy as circumstances change.
For background info, refer to the linked ideas below or see profile.
Trade well!
Heed your dD!
Trade closed: stop reached
The trade was unsuccessful because we misjudged the appropriate staging for a likely bear assault. Additionally, the P&F target of the 2470 area mentioned earlier has been pursued and achieved.
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Related publications
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.