Gold - Jumped as Failure to Fall, Top of Range
My trading idea to short the gold yesterday failed miserably as the gold jumped more than 150 pips from where I plan to enter a short.
However, such a volume for gold is very normal and should not be determined as a trend changer.
The price shot up and is now seen resisted by a falling trendline, also the top of a previous symmetrical triangle.
It was also noted that as the price retest the top for the 2nd time this morning, the dollar is retracing (dropping) fast, but the gold acted calmly and thus did not break higher.
If you did a short yesterday as well, hopefully within your risk management, this is probably the best level to short again.
Worst case scenario, I made two consecutive losses on the gold, best case scenario, I capture a high-valued trade with potential 3:1 reward-risk ratio.
However, such a volume for gold is very normal and should not be determined as a trend changer.
The price shot up and is now seen resisted by a falling trendline, also the top of a previous symmetrical triangle.
It was also noted that as the price retest the top for the 2nd time this morning, the dollar is retracing (dropping) fast, but the gold acted calmly and thus did not break higher.
If you did a short yesterday as well, hopefully within your risk management, this is probably the best level to short again.
Worst case scenario, I made two consecutive losses on the gold, best case scenario, I capture a high-valued trade with potential 3:1 reward-risk ratio.