From a bigger time frame, I forecast Gold to correct below 1500.
Last Monday, Gold manage to climb to 1554 high, and corrected to 1530 region by end of the week.
This week, I am still bearish on Gold and aim to pick short around 1540-1545.
If Gold is crossing below 1526, then it will form a triple crossing on day chart - indicate the start of the correction and we target 1500 as first exit, this correction shall last until month-end, if the bear is strong and break below 1500, then we are looking at 1450 major support.
Monday
Short 1545, SL 1554 (9 pts), TG 1510 (will hold for days)
If Gold break below 1526, I will add another short at 1530 and move exit to 1500.
If the bear wins...
Gold breaking the channel bottom of 1500, then we are looking at 1450 major support.
No comments:
Post a Comment