Hi Traders! We have Gold short term sell opportunity forming at the moment. In the below video you will find a detailed explanation of this sell setup:
Gold Daily Chart:
On the daily chart we have a good downtrend line and the price which was respecting it so far has currently broken above this dynamic resistance. Also it looks like the price is creating a potential special cycle and currently it looks like the middle leg is completing itself. Hence we may now look for possible pullbacks and continuation higher. We also have a bearish divergence that has formed which we may consider as an evidence of bearish pressure. We may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.
Gold H1 Chart:
On the H1 chart currently it looks like a consolidation is happening, if the price moves lower, breaks and holds below the bottom of this range, we may then start looking for aggressive sells with more bearish evidences. If you want to be more conservative then wait for the price to break and hold below the last low, we may then start looking for sells with more bearish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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