Here is a monthly gold chart squared to ATH. As illustrated, the gold price soared to the 15º angle line coming down from the ATH, and this is expected to attract some supply around this level. There's an increased risk of downside for long position holders, and significant reduction of short risk exposure might ensue if there's a sign of demand failure here. Looking for short entries makes sense at this point.
Trade active
Short & 1459 with a 50 tick stop @ 1509Trade closed manually
A 0.9R loss on this one
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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.