Gold is facing strong confluence of resistances

As I expected, after Monday's local low, Gold has started to correct.
At this point, the yellow metal is trading in a very strong resistance zone. A confluence of the horizontal, descending trend line and confirmation of the long-term ascending trend line.
A short position here can have more than 1:5 R:R if we target 1680 support
On the other hand, Gold back above 1800 and above these resistances would confirm a higher low at 1740 and would signal a new leg up above 1850

I'm bearish but I wait for more confirmation

ความคิดเห็น:

As a Post Scriptum.
The reasons i m not selling here:
- the resistance zone is too obvious
- it would be too stupid simple

ปิดการเทรด: ถึงเป้าหมายการทำกำไร:

1740 support touched