Gold closed with a bearish candle which is almost below the previous low candle ($ 1204.90), after a sharp rise on Friday (24/08), and the RSI indicator is still in the overbought area so that the correction pressure remains. Price movements are still above the daily pivot ($ 1199.08 / oz). The first option if there is a continuation of correction but the price is unable to break beyond the daily pivot then there is a chance to open a long position with the target profit at the first daily resistance at $ 1215 / oz with a stop loss can be placed at some points below the pivot. The second option if the price moves strongly through the daily pivot then there is an opportunity to open short positions with the target profit at the first daily support at $ 1189.66 / oz and the stop loss can be placed a few points above the pivot. Looking at the price at consolidation, wait for the price to move out to open a position. Additional options if the price breaks up and when the price corrects and sets a new higher high either in the first resistance area or even exceeds the second resistance then almost certainly there will be divergence between price movements and RSI indicators which means there are additional opportunities to open short positions with the profit target is on the nearest swing low and the stop loss can be placed on the previous swing high or a few points above it. Always wait for the confirmation candle to open a position and always calculate the best Risk and Reward ratio according to the position taken, always determining where stop loss and profit targets are clear before entering the market. Know clearly the chances of loss and the best profit opportunities.
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