Hey traders!
Spot Gold (XAUUSD) analysis:
Gold had a strong supply zone at 1735-1740 and we saw a sharp fall from that level. Now we have a decent short opportunity in gold, at current levels. Gold has also formed a lower high and is in for a lower low.
SELL at 1687
Stop Loss (SL) at 1709
Take Profit (TP) at 1625
Favourable Reward/Risk ratio of 2.8
Always remember to use proper Risk Management and take position size as per risk appetite.
I have 100% rights to be wrong about this and I would advice you guys not to consider this a clear signal. This is just my view.
Happy Trading!
Spot Gold (XAUUSD) analysis:
Gold had a strong supply zone at 1735-1740 and we saw a sharp fall from that level. Now we have a decent short opportunity in gold, at current levels. Gold has also formed a lower high and is in for a lower low.
SELL at 1687
Stop Loss (SL) at 1709
Take Profit (TP) at 1625
Favourable Reward/Risk ratio of 2.8
Always remember to use proper Risk Management and take position size as per risk appetite.
I have 100% rights to be wrong about this and I would advice you guys not to consider this a clear signal. This is just my view.
Happy Trading!
Trade closed: stop reached