GOLD bull trap indicates the power of bears
Hello again, in my previous idea on gold I wrote about a probable bounce from bottom of the channel and a possible long setup that has stopped so quickly. and yeah it's like that when you try to catch the falling knife, it my drops more and stops you in a blink of an eye.
SO we stopped and now here we are, gold has broken its ascending channel and showed one thing, that breaking the downtrend line was a fake out and a bull trap and we understand three things from this move:
First - The sellers have more power and and they have the control of the market
Second - The downtrend line is still valid
Third - The downward move continues
So at this point we should look for selling opportunity which we can enter on pull back to the broken uptrend line and previous 1902 - 1907 support zone that now acts as resistance. Our stops will be placed above the previous high on 1914 and the targets will be 1882, 1875 and 1860.
Please note that this is not a financial advice, do your own research and do it at your own risk.
Be profitable and good luck!
SO we stopped and now here we are, gold has broken its ascending channel and showed one thing, that breaking the downtrend line was a fake out and a bull trap and we understand three things from this move:
First - The sellers have more power and and they have the control of the market
Second - The downtrend line is still valid
Third - The downward move continues
So at this point we should look for selling opportunity which we can enter on pull back to the broken uptrend line and previous 1902 - 1907 support zone that now acts as resistance. Our stops will be placed above the previous high on 1914 and the targets will be 1882, 1875 and 1860.
Please note that this is not a financial advice, do your own research and do it at your own risk.
Be profitable and good luck!
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.