GOLD: The Looming Downfall? Short Opportunity
Updated
This idea is based on my previous gold analysis, with updated risk-reward calculations following the formation of a green-red candle resistance on the daily chart.
1. Gold is forming a bearish trend, evidenced by lower lows.
2. On Thursday, August 22, 2024, Gold broke minor daily support at 2,497.400.
A bullish close on Friday, Monday and Tuesday suggests a potential liquidity hunt before a significant downward move.
3. A green-red candle resistance on the daily timeframe has formed, confirming the bearish outlook.
Stop-Loss: 2,537.0772
Targets: 2,493.326, 2,488.453, and 2,463.273
1. Gold is forming a bearish trend, evidenced by lower lows.
2. On Thursday, August 22, 2024, Gold broke minor daily support at 2,497.400.
A bullish close on Friday, Monday and Tuesday suggests a potential liquidity hunt before a significant downward move.
3. A green-red candle resistance on the daily timeframe has formed, confirming the bearish outlook.
Stop-Loss: 2,537.0772
Targets: 2,493.326, 2,488.453, and 2,463.273
Trade active
110+ pips :-)
Trade active
Trade active
300+ pips
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.