I am a bear on the Gold. Please look at my trade plan for opportunities to sell.
Gold opened between MPP and MM3 is currently sitting under MR1, which is a strong resistance level. Stochastic is overbought. The 21 and 55 just crossed. I am expecting price to form a double top before making its way down to MS1, where it will meet bears’ monthly target. Support anticipated just above MM3, above MPP, at dynamic support levels (21 and 55 EMAs) and MM2.
Price opened between WPP and WM3, made its way up above WR1 and is currently sitting under WR1. Bears’ weekly target is WS1. Stochastic is overbought but pointing down. The 21 is above the 55. The 5 and 8 are about to cross. Support identified at 1218.60, 21 and 55 EMAs, MM3, WM2 and WS1.
Price opened at DM3, went down to DPP before making its way up again to DM3. The 21 is above the 55. Stochastic is pointing up. I will wait for an overbought stochastic and look at lower time frames for entry opportunities such as lower low or 5/8 crosses before shorting the pair with DM3 as target. Support identified at DM2, DS1, dynamic support levels (21 and 55 EMAs) and 1221.17.