Game Plan Gold Short
Updated
Hi all
Gold did see some movement since the beginning of 2023, yet in the past days, Gold has been selling off very strongly. Price has retreated into that crucial range of 1825- 1800. This support area needs to hold, if we break 1800, we could see the shiny metal slide all the way down to 1720 or even further.
Prices in precious metals have been seeing an uptick in volatility since Powells Testimony on Tuesday. Let's see if this downward pressure continues.
Here is my Game Plan for a short scenario:
- Price needs to consolidate further in the box (range 1820- 1800)
- Steep upwards movements are fine, should not move higher than 1830
- Consolidation on 1800 is of interest to find an entry
- Optimally, some flat price movement on 1800 or slightly under it for a relevant amount of time
- Clear break of 1800 is needed, seeking entry around 1795 depending on how clean we cut through 1800
1800 is the area of interest in this Game Plan, before we not see some further movement into the 1800 region, I will be staying out of this one as we are sitting on a very strong support for the metal.
This will be my plan.
If you want to learn more about my market approach, make sure to follow me on Tradingview!
Cheers.
Gold did see some movement since the beginning of 2023, yet in the past days, Gold has been selling off very strongly. Price has retreated into that crucial range of 1825- 1800. This support area needs to hold, if we break 1800, we could see the shiny metal slide all the way down to 1720 or even further.
Prices in precious metals have been seeing an uptick in volatility since Powells Testimony on Tuesday. Let's see if this downward pressure continues.
Here is my Game Plan for a short scenario:
- Price needs to consolidate further in the box (range 1820- 1800)
- Steep upwards movements are fine, should not move higher than 1830
- Consolidation on 1800 is of interest to find an entry
- Optimally, some flat price movement on 1800 or slightly under it for a relevant amount of time
- Clear break of 1800 is needed, seeking entry around 1795 depending on how clean we cut through 1800
1800 is the area of interest in this Game Plan, before we not see some further movement into the 1800 region, I will be staying out of this one as we are sitting on a very strong support for the metal.
This will be my plan.
If you want to learn more about my market approach, make sure to follow me on Tradingview!
Cheers.
Note
I like how we are consolidating with upside here. Should stay below 1830 tho to be of interest.Note
We need a fast pullback now under 1830 for this idea to stay validOrder cancelled
Trade canceled, going to reassess once we enter the zone.
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