GOLD Analysis: Bearish Momentum Continues
Updated
Hey Traders,
It looks like
GOLD will continue selling as the bears gain more momentum. The price recently retested the 2390 support, which has now turned into resistance.
Current Market Conditions:
Support and Resistance: Price has retested the 2390 support turned resistance, indicating potential further downside.
Bearish Momentum: Increased selling pressure suggests a continuation of the downtrend.
Price Action and Indicators:
Retest Confirmation: The retest of 2390 as resistance confirms bearish momentum.
Targets:
TP1: 2360
TP2: 2330
TP3: 2300
Risk Management:
Set stop-loss levels above the 2390 resistance to manage risk (Around 2415 depending on R:R).
Consider profit-taking at the specified target points (TP1, TP2, TP3).
Conclusion:
The bearish trend in GOLD appears strong with the recent retest of 2390 as resistance. Monitoring the price action around key levels will be crucial for trade adjustments.
I would love to hear what you guys think of the analysis.
Profitable trading to you all!
It looks like
GOLD will continue selling as the bears gain more momentum. The price recently retested the 2390 support, which has now turned into resistance.Current Market Conditions:
Support and Resistance: Price has retested the 2390 support turned resistance, indicating potential further downside.
Bearish Momentum: Increased selling pressure suggests a continuation of the downtrend.
Price Action and Indicators:
Retest Confirmation: The retest of 2390 as resistance confirms bearish momentum.
Targets:
TP1: 2360
TP2: 2330
TP3: 2300
Risk Management:
Set stop-loss levels above the 2390 resistance to manage risk (Around 2415 depending on R:R).
Consider profit-taking at the specified target points (TP1, TP2, TP3).
Conclusion:
The bearish trend in GOLD appears strong with the recent retest of 2390 as resistance. Monitoring the price action around key levels will be crucial for trade adjustments.
I would love to hear what you guys think of the analysis.
Profitable trading to you all!
Trade closed: stop reached
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