Trading Gold in Turbulent Times: Analyzing the Recent P.A.
Updated
On Monday I wrote that Gold is at an important crossroads and clarification of direction could lead to a 500 pips move.
Indeed, as the price developed, it was clear that bears won the battle and, once the 1915 important level was cleared, XauUsd dropped like a stone, smashing the support provided by August's low, and making a new low for the past 6 months.
The structure is extremely bearish and trying to go against it is like trying to catch a falling knife.
An eventual up correction should be used as a good opportunity to build on shorts keeping in mind the 1855 target for a good risk: reward ratio.
Best of luck and happy trading!
Mihai Iacob
Indeed, as the price developed, it was clear that bears won the battle and, once the 1915 important level was cleared, XauUsd dropped like a stone, smashing the support provided by August's low, and making a new low for the past 6 months.
The structure is extremely bearish and trying to go against it is like trying to catch a falling knife.
An eventual up correction should be used as a good opportunity to build on shorts keeping in mind the 1855 target for a good risk: reward ratio.
Best of luck and happy trading!
Mihai Iacob
Note
Gold is droping again today and the major target is very close at this moment
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💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
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