Gold Short idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Alright so it’s gotten to that point with gold. We’ve been waiting on the daily for some sort of significant reaction around 1800 to continue with our overall bearish trend… It hasn’t happened yet.
We can see that we’ve rejected our weekly at 1825.00 but still remain above 1800.00. So now we’ve been forced to play it conservatively which means we’ll wait for a lower high below 1800.00 with strong bearish setups to confirm.
Look to target lower toward key support levels.
Trade scenario 2: For us to consider Gold full blown bullish we need to see a higher low above 1825.00 with strong bullish setups to confirm.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Alright so it’s gotten to that point with gold. We’ve been waiting on the daily for some sort of significant reaction around 1800 to continue with our overall bearish trend… It hasn’t happened yet.
We can see that we’ve rejected our weekly at 1825.00 but still remain above 1800.00. So now we’ve been forced to play it conservatively which means we’ll wait for a lower high below 1800.00 with strong bearish setups to confirm.
Look to target lower toward key support levels.
Trade scenario 2: For us to consider Gold full blown bullish we need to see a higher low above 1825.00 with strong bullish setups to confirm.