Gold intraday end of week short - RR - 4.5:1
Since we saw that gold initially spiked after the FED announced that they weren't going to be tapering until 2023, this is fundamentally long term bearish for gold due to its property as an inflation hedge. However since there will be no tapering until 2023, this is short term bullish for gold, this is why markets initially responded to buying gold, short term bullish, which turned out to be a liquidity grab as well as buyers quickly taking profits driving the price to below where gold was before the FED announcement. This implies that markets are still bearish on the price of gold therefore so should we. The initial sell limit is shown as this is at the upper side of the trend, I imagine sellers will jump in here, take profit zones are set at major trendlines that need touching at 1760 and 1752/1754. This gives you a nice RR of 3:1 and 4.5:1. Great potential here
GreyTrades
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.