Goodmorning guys,
What a night. After gold lost more than 900 pips in an hour, gold pared its losses back to 1750.
We have 2 scenarios in play; either bears want bearish continuation and want to test the monthly bullish trendline that goes back 3 years ago, or we have a big a$$ W-formation targeting new ATH.
Not a great setup to trade and too risky for me, so I am taking a little break to see more confirmation. There is always another day.
For now 1750 seems broken and acts as resistance. Trade safely.
What a night. After gold lost more than 900 pips in an hour, gold pared its losses back to 1750.
We have 2 scenarios in play; either bears want bearish continuation and want to test the monthly bullish trendline that goes back 3 years ago, or we have a big a$$ W-formation targeting new ATH.
Not a great setup to trade and too risky for me, so I am taking a little break to see more confirmation. There is always another day.
For now 1750 seems broken and acts as resistance. Trade safely.
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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.
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.