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Tradeshala
Oct 21, 2022 5:28 AM

Weekly Outlook : Gold Heading for 1550 levels Short

Gold/U.S. DollarFXCM

Description

📉 [Sell Stop] Gold - Bearish - We look to Sell at 1613.90

▪ The medium-term bias remains bearish.
▪ Broken out of the triangle formation to the downside.
▪ A mild correction has been posted from yesterday's low, this is seen as a retest of the breakout level.
▪ Support at the levels of 1615 weekly low can be broken.
▪ We prefer to fade into the rally with a tight stop in anticipation of a move back lower.

Confidence: ⭐⭐⭐⭐⭐
⛔ Stop: 1628.57
🎯 Target 1: 1604.22
🎯 Target 2: 1550

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