GOLD trade - downturn!
Hey guys!
This is what I expected to happen to gold based off my last post - reach support 1, however not in this little amount of time. Gold prices are getting heavily sold off recently, as the Dow and Nasdaq have had solid green days for the past 4 days.
However, gold broke support and pulled back and is currently trading right on support. We could see a downturn and strongest decision will be to go short. However it may pull back to around 1515 which will show little signs of recovery if it holds well.
in the short term, i went short from 1550 till now. Most likely will wait to see for a further trading signal to see if its going to be in a downturn.
MACD is also showing strong signs of a sell off market currently.
Little volume traded to back the current drop to 1490 also, so needing stronger indicator to determine proper movement of the XAU
Likes and comments much appreciated.
Cheers guys!
This is what I expected to happen to gold based off my last post - reach support 1, however not in this little amount of time. Gold prices are getting heavily sold off recently, as the Dow and Nasdaq have had solid green days for the past 4 days.
However, gold broke support and pulled back and is currently trading right on support. We could see a downturn and strongest decision will be to go short. However it may pull back to around 1515 which will show little signs of recovery if it holds well.
in the short term, i went short from 1550 till now. Most likely will wait to see for a further trading signal to see if its going to be in a downturn.
MACD is also showing strong signs of a sell off market currently.
Little volume traded to back the current drop to 1490 also, so needing stronger indicator to determine proper movement of the XAU
Likes and comments much appreciated.
Cheers guys!
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