After a week of a downtrend, gold now is on the verge of breaking another support near the 2020 price area, there is a lot of opportunity for the short traders to make a massive profit from the bearish trend. However, these are one of the following criteria that short traders need to wait for before making a decision :
1. Gold needs to break below the 2020 price at least or make a bearish candle formation below the support to convince the short position and less risk.
2. A failure to break below the price will only make the pair test the resistance area of 2025-2027 and a solid bullish formation can send the pair flying towards 2037.
Disclaimer: Please follow at your own risk, and make sure you are following your own SOP before entering the forex market.
1. Gold needs to break below the 2020 price at least or make a bearish candle formation below the support to convince the short position and less risk.
2. A failure to break below the price will only make the pair test the resistance area of 2025-2027 and a solid bullish formation can send the pair flying towards 2037.
Disclaimer: Please follow at your own risk, and make sure you are following your own SOP before entering the forex market.