Gold: Example of Short Trade
Yesterday, I wrote about such a bearish setup. The idea was simple: if the price can stay below 1848$, we will get a trade opportunity for shorting based on the resistance's price reversal.
As you can see, the price bounced from the resistance zone. RSI and MACD confirmed the price reversal. MACD lines are supporting a possible downward movement.
Stop orders we should place above the local swing high and 1848$ resistance. The main take profit should be 1764.50$ support.
If the price breaks the resistance, we should be ready to see an upward movement toward SMA200 and after that 1900$ resistance.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
As you can see, the price bounced from the resistance zone. RSI and MACD confirmed the price reversal. MACD lines are supporting a possible downward movement.
Stop orders we should place above the local swing high and 1848$ resistance. The main take profit should be 1764.50$ support.
If the price breaks the resistance, we should be ready to see an upward movement toward SMA200 and after that 1900$ resistance.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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