Gold broke a new price level after a long time . It formed a rising (ascending) wedge which indicates the formation of a bearish chart. There was a breakout of the rising wedge which likely kickstarted the bearish trend.
However, market closed at a key level, which is also the 78.6 fib level. For me, this is a strong key zone.
I would wait for the break of that key level and enter for a short position at the reseat of that level.
If it goes otherwise, the setup is invalidated
Ps: No confirmation, no entry
However, market closed at a key level, which is also the 78.6 fib level. For me, this is a strong key zone.
I would wait for the break of that key level and enter for a short position at the reseat of that level.
If it goes otherwise, the setup is invalidated
Ps: No confirmation, no entry
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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.