follow the down trend in short term

Gold has already broken the uptrend and dump to 1755-1765 level. You can see the down trendline and gold price is dropping and not able to break the down trendline.
1753 is the support and it is expected to have a clear direction tmr.

From my personal opinion, gold is more likely to drop until early next week as it was too strong for more than 1 week with news. There must be a correction to a certain extent.
If 1753 support is broken, 1732 would be the next support.

Bình luận:

1753 support area is reached.
Lets watch out if this point would be broken or supported, then trades could be opened and followed up.

Bình luận:

As I mentioned, 1753 support broke and it dropped to 1732 support and bounced back. But currently its still in downtrend. I predict it would retest 1732 level.
At this point, I will try to open a small "sell" position and close between 1732-1735. Then, wait for the market signal.

Bình luận:

Target reached. Closed sell order to keey the profits.
Wait for the market direction to open orders.

I personally predict it will still go down. If 1732 broke, then "Sell". Short team target 1720-1722.

Đã hủy lệnh:

Finally, gold breakout the decending trendline with the news of PMI.
So 1732 would become a big support that we have to aware next time.

Currently, 1753 is a resistance level. Lets see if this will be broke or will retest the support level.