Gold Neutral idea
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: We are newly bearish on the 4hour & daily timeframe on gold as we recently broke well below 1930.00.
For us to continue selling we need to see the bearish trend continue strongly. Ideally, we can see a lower high below 1870.00 that we can enter on.
Trade scenario 2: It is also likely that price action will bounce right now and head back toward 1930.00.
I would be hesitant on entering on this move or while price action is approaching 1930.00. This level has been proven as a key level on major timeframes so how price action reacts will more clearly show us potential trade scenarios.
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: We are newly bearish on the 4hour & daily timeframe on gold as we recently broke well below 1930.00.
For us to continue selling we need to see the bearish trend continue strongly. Ideally, we can see a lower high below 1870.00 that we can enter on.
Trade scenario 2: It is also likely that price action will bounce right now and head back toward 1930.00.
I would be hesitant on entering on this move or while price action is approaching 1930.00. This level has been proven as a key level on major timeframes so how price action reacts will more clearly show us potential trade scenarios.
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.
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.