Add This To Your Chart Before Trading Gold This Week

All info and explanations can be found on the chart. I literally do all of this for free, a thumbs up would be really appreciated if you like my work.

Trade closed manually:

The bearish scenario is activated, and we see that directly after the market opened, strong bearish candles were printed.

However, the momentum was not strong enough to push down all the way to the support zone. I suggested a take profit of around $1718, but the price didn't go lower than $1721.

Since the price already moved up again after that point, I suggest you close the trade while we're still on a marginal profit and prepare for the next move.

I charted the new idea here:

The technicals of this point are no longer valid, and since we have seen a bearish momentum it's time to move to a short set-up. However, to maximize the risk reward of such a set-up, we should aim to get our buy in as high as possible. Read more about it in the new idea.