Gold has been Trading in the parallel channel ever since the breakout.
Hovering near the Psychological resistance at 3000 with Indicators suggesting Highly Overbought Conditions for Gold.
2 Scenarios are possible.
Scenario A - Gold breaks out of the Parallel Channel and Enters Correction.
Scenario B - Gold Continues its Parallel Channel Uptrend breaking ATH towards 4000.
Technical Analysis suggests that Scenario A is more likely to play out.
Share your Thoughts and Views in the comments section to make this Publication a more Fruitful one.
Hovering near the Psychological resistance at 3000 with Indicators suggesting Highly Overbought Conditions for Gold.
2 Scenarios are possible.
Scenario A - Gold breaks out of the Parallel Channel and Enters Correction.
Scenario B - Gold Continues its Parallel Channel Uptrend breaking ATH towards 4000.
Technical Analysis suggests that Scenario A is more likely to play out.
Share your Thoughts and Views in the comments section to make this Publication a more Fruitful one.
Note
Either of Scenario A/B about to come into Play upon sustaining below 3100
if takes support in this zone, then we will have to wait for re entry on Short Side.
Not comfortable longing as of now
Trade active
Note
SL is managed intraday. this Short position is indicative of what we look for before entering a trade.Trade closed manually
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.
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.