Gold Analysis 04/10/2020 -- Update
We had highlighted already that we would look for sells if we broke below 1900.
Price broke below 1900, and before executing sells, we waited for resistance to form on lower timeframes, in this case the 15m timeframe. When price then broke the low of the previous 15m candle, after already forming resistance, we executed sells, with stops above the high of the current 30m candle, and TP at around 1991, which was highlighted on the analysis I posted for this trade last night.
Price actually smashed our target and runners ran for 100 pips before we closed positions as signs were that support was forming.
Price broke below 1900, and before executing sells, we waited for resistance to form on lower timeframes, in this case the 15m timeframe. When price then broke the low of the previous 15m candle, after already forming resistance, we executed sells, with stops above the high of the current 30m candle, and TP at around 1991, which was highlighted on the analysis I posted for this trade last night.
Price actually smashed our target and runners ran for 100 pips before we closed positions as signs were that support was forming.
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