You can either wait for gold to reach the top of the channel to initiate sell position or for a strong bearish signal from resistance area shown - indicating a shift of the market to the bears. Target is previous low which coincides with measured move of prior trading range break and midline of the channel.
Risk/Reward 1:2.5
Risk/Reward 1:2.5
Trade closed: target reached
Price didn't reach the mid channel line but closed a few pips above it. Series of closes showed support area confirmed. Exiting short trade in near support area.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.