dsalehi
@t_dsalehi
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dsalehi
Gold is expected to continue it's bearish momentum. Short entry can be taken on a break below 2380 to trade down and fill the daily wick from 2 days ago. A S/L may be places above the resistance area formed in the prior session around 2395 (shown on the chart). Alternately a tighter stop around 2390 could be placed. Partial profits may be taken around 2365, and a retest of the 2380 may present an opportunity for re-entry to trade further towards the 2355 area (Pivot Point of the long term range we have been in since April).
dsalehi
Please see the chart which shows the current Levels / Zones for Gold, and gives a larger view of these zones and where we are likely to see resistance / support (including a must hold level to stay in the current "zone". GL to all.
dsalehi
Please see chart for the details of this idea. Every time gold (XAUUSD) has hit a new All time high, it has fallen the number of pips (approximately) shown on the chart, before it resumed enough momentum to retrace about half of it's fall. This can be used to gauge how much we expect Gold to possibly fall right now, after it just reached a new All Time High of around 2483
dsalehi
Please see Chart for an idea on Gold and possible areas to look for long or short entry, if additional entry conditions present themselves. Not trading advice. Remember to trade cautiously, do not assume the zone will form in these areas, observe the market structure which forms and trade what you see, not what you think. Good luck to all.
dsalehi
Todays retest and rejection of the top (wedge) longterm trendline further confirmed that further downside on gold can be expected this week or possibly into next week. The retest of this (upper) trendline was expected to confirm if a bullish move was imminent or if bearish sentiment was still strong, and todays rejection seemed to confirm bearish Price Action is still to be expected. After further consolidation we may see Gold move down to retest and likely break below 2000, at which point 1985 area can be expected. Please see my prior chart for the expected range for this week (or next).
dsalehi
Please remember this is not trading advice. Always follow your own trading plan with appropriate risk management. Feedback always appreciated.
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