GOLD ANALYSIS 6TH NOV
Gold Technical Analysis Update
Gold has recently tested and reacted to a significant demand zone, with price action closing below the previous support, now acting as resistance. This breakdown is supported by clear confirmations on both the 4-hour and 1-hour time frames, where price has decisively closed and held below the support level.
Given this setup, there’s potential for a continuation to the downside, possibly reaching the swing low as price seeks liquidity by targeting buyer stop-losses. This setup offers a favorable opportunity for a short position, with a target near the swing lows.
Trade Idea:
Position: Short
Target: Swing lows
Confirmation: Ensure clear price action confirmation before entry.
Follow for more refined trade setups and insights. Remember, trade with a strategy and manage risk carefully.
Gold has recently tested and reacted to a significant demand zone, with price action closing below the previous support, now acting as resistance. This breakdown is supported by clear confirmations on both the 4-hour and 1-hour time frames, where price has decisively closed and held below the support level.
Given this setup, there’s potential for a continuation to the downside, possibly reaching the swing low as price seeks liquidity by targeting buyer stop-losses. This setup offers a favorable opportunity for a short position, with a target near the swing lows.
Trade Idea:
Position: Short
Target: Swing lows
Confirmation: Ensure clear price action confirmation before entry.
Follow for more refined trade setups and insights. Remember, trade with a strategy and manage risk carefully.
Trade closed: target reached
tp done liquidty sweep done
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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.