Gold 1640 PIP Short From 2674 To 2510.
Updated
Gold is approaching our previously posted long trade target of 2674, which is both 61.8 retracement of the previous move as shown above. It is also the Weekly SMA target, and is bang on the higher timeframe descending channel in which Gold has been trading since it formed an all time high price of 2792 in October 2024.
This provides us with multiple confluences suggesting that this level 2671-4 is a key and strong resistance where Gold will likely fall from.
Short from here, down to 2510 - the monthly SMA target which should be hit in December, for an easy and exceptionally nice 1640 PIPs
Stop placed at 2723, just above the previous high.
Happy trading!
Previous long up to 2678 idea:
This provides us with multiple confluences suggesting that this level 2671-4 is a key and strong resistance where Gold will likely fall from.
Short from here, down to 2510 - the monthly SMA target which should be hit in December, for an easy and exceptionally nice 1640 PIPs
Stop placed at 2723, just above the previous high.
Happy trading!
Previous long up to 2678 idea:
Trade active
Position OpenedNote
Gold came very close to our stop but we are back on track
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.