Focus on selling gold. GOld will colapse!!
Updated
Last week Fed interest rate news destroyed lots off retail traders. AFter a big fall gold managed to push bullish around 500pips after FEd drops. GOld settled after tapping onto resistance level 2050. In my opinion this was a attemp to wipe longterm sellers who sold above the ATH level. After the tap of 2050 gold fell deep below 2031 structure.
2031-2034 is the level were we need to focus on selling the market.(See info on chart) Last friday gold broke a important structure around 2031. Best entree is to wait for the retest and make sure to keep holding gold. There is also a big H4 supply area here wich most likely prevent gold from breaking above again. Expecting a big fall in the long run towards 2007(First longterm target) Posible we will see even further fall towards 1950level. But for now lets focus on 100-300 pips targets.
Resistance: 2031, 2050, 2070
Support: 2016, 2005, 1996, 1992
2031-2034 is the level were we need to focus on selling the market.(See info on chart) Last friday gold broke a important structure around 2031. Best entree is to wait for the retest and make sure to keep holding gold. There is also a big H4 supply area here wich most likely prevent gold from breaking above again. Expecting a big fall in the long run towards 2007(First longterm target) Posible we will see even further fall towards 1950level. But for now lets focus on 100-300 pips targets.
Resistance: 2031, 2050, 2070
Support: 2016, 2005, 1996, 1992
Note
H1 timeframeNote
Our trade running in profit. Make sure to move SL at entree and keep holding this trade. Missed our first target by 7 pipsNote
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.