Gold: Reversal at upper range limi

1 feb 2023

GC1! is traiding since Sept 2020 in range between 1690 und 1985. Currently the price action is the upper range limit. A analysis of COT index indicates a short signal, which comes along with high open interest oscillator. This two indicators my forecast a reversal of the uptrend GC1!. Since the price shows a still a stable uptrend (price is above 18EMA) the timing is currently difficult. A first indication of weakness would be daily close below 18EMA. A strong sign a weakness and an indication of weakness is below the last minor support area, which has its lower limit 1915.

SL: 1980 ~above current high
1. Target: 1825 ~ next support area
2. Target: 1693 ~ lower range limit

RR w/ 1. target 1.38

Manage your risk and make your own decisions.

5 feb 2023

Trade attivo

The minor support area at 1915 didn't hold --> Trade activated

2 mar 2023

Trade chiuso: obiettivo raggiunto

reversal at target 1 thus close trade