Gold short

29 giu 2023

I have analysed this more based on supply and demand. I have looked for big buys and big sells until it seems like supply and demand are equal, and then there were more sells than buys , also following a downtrend and key areas of support and resistance. This is also the lowest point gold has been since march, so is a very key area of resistance but it doesnt seem to be reacting to that line. Retail traders will think that this is a key area and hence buy, but the central banks have enough supply from the sells to keep it going down. I will sell when it goes up and reaches my first area of support, and if it reaches the second line, I will wait for confirmation by it going back down and hitting my first line and then enter from there. If it breaks the diagonal trendline, I will look for another set up.