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VIDEO ANALYSIS: GOLD TRIGGEREDIn this video update, we take a look at the GOLD trade we placed in our telegram channel after
identifying the daily trendline and the key resistance we expected price to reject.
Applying fibs we can see that the 61.8 fibonacci retracement sits at the key lows, now the daily chart
is rejecting the key resistance level we can look for lower timeframe opportunities over the coming week.
GOLD (XAU/USD), Trading Plan. As I wrote on the previous GOLD idea, it bounced up from a key level $1282 goal is $1306
Near $1306 could be a great sell entry, because:
— It is level from which price started downtrend half-year ago and move 15000 pips down. Mostly market respect such levels. That's why I think about sell from $1306 goal will be 200–400 pips.
I will open Sell if the price will confirm it ONLY.
After 100 like I will do all updates and will write S/L and T/P points it there will be an entry.
Gold dragging up despite economic turmoilGold, as traditional safe heaven asset during times of crisis, has steadily crept up against the backdrop of equity debacle. I think Gold will continue to move up because the stock market most likely would fall in the near future. But from the technical standpoint, although 1250 level has bottomed up with buyers pouring in to hedge against for risk, 1300-1350 stands as major resistance if Gold initiates a major uptrend.
Shorting stocks may prove to be a much more profitable enterprise, compared with the toilsome bet on Gold, which has not shown signs of a major bull market.