GOLD: Greed will be your downfall
Hi mentees,
As covered in the market review yesterday, we had an opposite pinbar setup on Gold and I mentioned that we will likely see this pair stop hunted before the upmove.
Well, the sell down was much larger in magnitude than expected.
Right now, 1860 will be a tough resistance to beat, and above lies 1900 which will be an even stronger selling point.
As long as these two levels are not broken, we will likely revisit 1800 and 1760 in extension.
As covered in the market review yesterday, we had an opposite pinbar setup on Gold and I mentioned that we will likely see this pair stop hunted before the upmove.
Well, the sell down was much larger in magnitude than expected.
Right now, 1860 will be a tough resistance to beat, and above lies 1900 which will be an even stronger selling point.
As long as these two levels are not broken, we will likely revisit 1800 and 1760 in extension.
It is not advisable to go long at the moment.
Wait for the price to touch the bottom of the channel and show signs of support before buying in.