Gold is giving a Bearish setup
Gold is giving us a really simple bearish setup as price has broken below a key level of support at 1951.614 and it has broken out of our previous level of dynamic support.
I will be looking to short this once price comes back to retest and reject the 1951.614 level and holds it as new resistance. A safer entry would be to wait for price to break below the 1903 level of support as well.
Our short will be invalidated if price crosses above our previous high at the 1985 level.
This is a long-term setup so patience will be key.
TP - 1618.194
Invalidation / SL - 1985.341
I will be looking to short this once price comes back to retest and reject the 1951.614 level and holds it as new resistance. A safer entry would be to wait for price to break below the 1903 level of support as well.
Our short will be invalidated if price crosses above our previous high at the 1985 level.
This is a long-term setup so patience will be key.
TP - 1618.194
Invalidation / SL - 1985.341
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