In this morning's analysis, I mentioned that Gold was still in bullish territory, but the line in the sand was the 3350–3355 zone.
In fact, I bought at that level — but given the choppy price action and the sharp rejection from the 3375 resistance, I kept the position size small. Good thing I did, as the stop loss was eventually hit.
With price now falling below the 3350 zone and showing what can be categorized as a strong reversal from resistance, the odds have shifted decisively to the bearish side.
Trading plan: Any rally above the 3350 zone should now be viewed as an opportunity to sell into strength. 🚀
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
In fact, I bought at that level — but given the choppy price action and the sharp rejection from the 3375 resistance, I kept the position size small. Good thing I did, as the stop loss was eventually hit.
With price now falling below the 3350 zone and showing what can be categorized as a strong reversal from resistance, the odds have shifted decisively to the bearish side.
Trading plan: Any rally above the 3350 zone should now be viewed as an opportunity to sell into strength. 🚀
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.