GOLD - XAUUSD - Shorting Opportunity with Good Risk Reward
GOLD (USD) - CMP $2630
TF: 90 Minutes
After a 5 wave decline, price has moved up in a corrective bounce. And now getting halted/rejected at the 200 Period EMA which is also the previous support zone (now turning to be Resistance)
I was hoping for it to test the AVWAP from the highs $2660 (which is also about 50% retracement of this entire fall)
Even if Gold has to go up, it can't be a V shaped recovery.. It will come down to retest the lows at the least or even 0.618 Fib of this entire corrective rise.
For Aggressive shorts 2645 will be the SL (2 candles close above).. But I would still prefer a test of 2660-70
TF: 90 Minutes
After a 5 wave decline, price has moved up in a corrective bounce. And now getting halted/rejected at the 200 Period EMA which is also the previous support zone (now turning to be Resistance)
I was hoping for it to test the AVWAP from the highs $2660 (which is also about 50% retracement of this entire fall)
Even if Gold has to go up, it can't be a V shaped recovery.. It will come down to retest the lows at the least or even 0.618 Fib of this entire corrective rise.
For Aggressive shorts 2645 will be the SL (2 candles close above).. But I would still prefer a test of 2660-70
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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