Strong Bearish Signal:
The price corrected up on Friday, but after the appearance of the large volume and creation of the new resistance, gold resumed falling.
Volume Zones:
We need to highlight the new level of resistance 1299.60, which contains the large volume. Moreover, the recent sharp drop started exactly from this level.
Sentiment:
This indicator shows that 53% retails traders are in long positions, which is a nice additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img924/332/9bg5eE.png
Consider Short Positions:
Given all these factors, we may give preference to short positions. We may enter the market after a smooth upward correction, in order to get a more profitable entry point. A stop loss may be placed above the new resistance.
Profit Potential:
More than 150 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The price corrected up on Friday, but after the appearance of the large volume and creation of the new resistance, gold resumed falling.
Volume Zones:
We need to highlight the new level of resistance 1299.60, which contains the large volume. Moreover, the recent sharp drop started exactly from this level.
Sentiment:
This indicator shows that 53% retails traders are in long positions, which is a nice additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img924/332/9bg5eE.png
Consider Short Positions:
Given all these factors, we may give preference to short positions. We may enter the market after a smooth upward correction, in order to get a more profitable entry point. A stop loss may be placed above the new resistance.
Profit Potential:
More than 150 pips.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
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.