Gold is under Pressure 29/10/2022
General Commentary: on 21 Oct 2022 gold rose more than 3% to our OB again #1,663.27 - #1,672.42 which we have set our sell order after the price action triggered from #1,670.00 towards #1,657 on a satisfactory #13 point profit run, the market has created more OB at #1,670.09 - #1,665.25 which the Change of Structure has appeared, we have opened our sell order at Re-Sell zone towards to #1,651.22 on a satisfactory #16 point profit run.
Next Position: The news is big next week and we have 2 scenarios to create a profitable setup, either gold will retest again zone #1,656.93 - #1,660.99 and we will re-sell again from our bearish Order Block, Or Gold will go down towards #1,617.10 - #1,627.18 and we will wait to retest again to enter our Sell Order.
Note: Gold is under heavy selling pressure, and we do not buy the retest, we wait for the retest to happen then we follow the market trend :).
Next Position: The news is big next week and we have 2 scenarios to create a profitable setup, either gold will retest again zone #1,656.93 - #1,660.99 and we will re-sell again from our bearish Order Block, Or Gold will go down towards #1,617.10 - #1,627.18 and we will wait to retest again to enter our Sell Order.
Note: Gold is under heavy selling pressure, and we do not buy the retest, we wait for the retest to happen then we follow the market trend :).
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.