Hi Traders. Gold has been in a strong short-term downtrend ever since the breakdown below 1790.
And due to the strong Bearish momentum, I'd simply avoid performing any sort of countertrend setup as its almost like catching a falling knife.
However, as price gets closer to the major level of support at 1680 - 1690, just be extra cautious if you're still looking for shorts.
Because 1680 - 1690 had been proven a significant multi-year support zone, so the probability of price holding above it is relatively high.
I will start focusing on the lower timeframe and observe if it shows any sort of Rollover sign, then I might squeeze some quick long positions in between.
But for now, without clear confirmation do not go against the downtrend.
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
And due to the strong Bearish momentum, I'd simply avoid performing any sort of countertrend setup as its almost like catching a falling knife.
However, as price gets closer to the major level of support at 1680 - 1690, just be extra cautious if you're still looking for shorts.
Because 1680 - 1690 had been proven a significant multi-year support zone, so the probability of price holding above it is relatively high.
I will start focusing on the lower timeframe and observe if it shows any sort of Rollover sign, then I might squeeze some quick long positions in between.
But for now, without clear confirmation do not go against the downtrend.
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
