Previous GOLD short zone was valid for 120pips downside. A great trade and very simple analysis using the automatic support and resistance indicator from The Golden Suite's Next .Gen smart trade tech combined with simple price action. We can identify that price made an equal high on the 1 hour time testing the horizontal resistance zone and the last lower high region. This is where a trend change can come into play indicating short term shorts before a potential bullish reversal momentum shift. This is a typical price action setup that if you backtest across any instrument you will see the probability of this setup and also identify the different confluences you can use to make this setup a profitable 1.
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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.