GOLD bounce off a TRENDLINE, but when we look on the price action on the higher timeframe, we can see a beautiful DOUBLE TOP meaning that the trend is currently bearrish =)
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I wont be jumping in the trade right away because i feel that it would be an early entry but around 1335 it looks like a good point to see a reversal when we look at the daily chart! Breaking above the higher trendline will invalid this chart and then we could see high re-test or even 1380! I will have my SELL LIMIT at 1335 and my SL will be above the trendline !
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Simple trade, as always, low risk and the reward is around 400 PIPS depending on what TP you are AIMING for! Very long term gold should go around 1240 to get back to his normal price. The reason why gold went so high is because of the BREXIT! Now, the GBP are coming back to normal, so gaining strenght, this is the reason why GOLD and USD goes down now. Normally when USD goes down GOLD goes UP!
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Make sure to LIKE and FOLLOW if you like this analysis!
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I wont be jumping in the trade right away because i feel that it would be an early entry but around 1335 it looks like a good point to see a reversal when we look at the daily chart! Breaking above the higher trendline will invalid this chart and then we could see high re-test or even 1380! I will have my SELL LIMIT at 1335 and my SL will be above the trendline !
--
Simple trade, as always, low risk and the reward is around 400 PIPS depending on what TP you are AIMING for! Very long term gold should go around 1240 to get back to his normal price. The reason why gold went so high is because of the BREXIT! Now, the GBP are coming back to normal, so gaining strenght, this is the reason why GOLD and USD goes down now. Normally when USD goes down GOLD goes UP!
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Make sure to LIKE and FOLLOW if you like this analysis!
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