GOLD(XAUUSD) short - Ready to drop down

18 พ.ย. 2020

Gold I see ready for a nice drop to the downside. WHY?

Monthly: From a monthly perspective we want to see the market moving more to the downside. Target around 1800-18300. Why? Because this is the Fib Level Target. The market created a huge impulsive move to the upside but we did not see a proper Retracement. We want to see it at least till the 0.382 or even lower.

Why 1800 Level?
This is a very attractive level for Institution. This is an area where a lot of buy orders are placed. So at the same time this is a target for shorts.

Correction Channel:
As we can see from the daily timeframe, Gold is in a corrective Channel. After the completion of this correction we can expect the continuation to the upside.

Daily:
On the daily timeframe we can see that the market has created a fill in the wick pattern. So we want to see at least a correction till the Support Area.

Trading Idea:
Short till Support. After the break of the Support drop and retest and then rock it till 1800 Area.

What do you think?