GOLD / XAUUSD
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In anticipation of potential weakness in the asset, adopting a patient stance is recommended. While a final rally into the $2,400 range seems unlikely at this time, the possibility remains.
However, in addition to remaining vigilant, being prepared to sell the asset is crucial. There may be an attempt to test the commitment of buyers who expressed interest at the $1,800 level at the end of February 2024, potentially supporting earlier buyers. If this scenario unfolds, the $2,000 level will be a key support protected by buyers.
A possible strategy for shorting this asset is to sell upon rejection at the top of the local range (marked in purple on the chart) at $2,369 - $2,371, or when a bearish momentum candle appears, whichever occurs first, for an early entry.
Heed your DD!
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In anticipation of potential weakness in the asset, adopting a patient stance is recommended. While a final rally into the $2,400 range seems unlikely at this time, the possibility remains.
However, in addition to remaining vigilant, being prepared to sell the asset is crucial. There may be an attempt to test the commitment of buyers who expressed interest at the $1,800 level at the end of February 2024, potentially supporting earlier buyers. If this scenario unfolds, the $2,000 level will be a key support protected by buyers.
A possible strategy for shorting this asset is to sell upon rejection at the top of the local range (marked in purple on the chart) at $2,369 - $2,371, or when a bearish momentum candle appears, whichever occurs first, for an early entry.
Heed your DD!
Trade active
Start small....Trade active
Banked some profits at 2341 as well taking small Longs at the level aiming for 60pips with 10pips SL currently.See profile for this small buy trade.
Note
Trade active
Counter trade longs now free trade with banked profits as SL is moved in favorTrade active
Counter long exited at 2345 with profits, entry at 2341. I nitial sell still active!Note
A strong pullback here at the current level is needed to confirm the break of the Timer TL and the shorts pleased moving forward. Without it, short positions become risky, as a bounce from the bottom of the trading range marked in purple is likely.Note
Only the iniatial short is active, a bounce from the bottom of the range has new shorts more risky atm and may likely remove until a decisive close below the 2344 level, no need for any new shorts on the asset for now .Trade active
Selling resumes gain as 2344 opens up!Trade closed manually
All sell cancelled!Trade active
Sell idea! Trade closed: target reached
Trade active
The close of this candle[end of Day/Week] will confirm the strength of new arrivals for this current bear take-over event or if the markets is taking a breather, some dubious buy orders noticed around the 2304 area; so will be watching the reactions there.Note
'A possible strategy for shorting this asset is to sell upon rejection at the top of the local range (marked in purple on the chart) at $2,369 - $2,371' - this was culled from the initial post above.Eventually, this level was reached, prompting a rapid sell-off as anticipated
Note
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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.