Gold - Trading in a corrective channel, sell rallies
Gold is Bearish - We look to Sell at 1746.70
▪️ Trading within a Corrective Channel formation.
▪️ We have a 78.6% Fibonacci pullback level of 1746.28 from 1754.16 to 1717.35.
▪️ Positive overnight flows lead to an expectation of a firm open this morning.
▪️ Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1746.70, resulting in improved risk/reward.
▪️ Expect trading to remain mixed and volatile.
Stop: 1755
Target1: 1717.50
Target2: 1700
▪️ Trading within a Corrective Channel formation.
▪️ We have a 78.6% Fibonacci pullback level of 1746.28 from 1754.16 to 1717.35.
▪️ Positive overnight flows lead to an expectation of a firm open this morning.
▪️ Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1746.70, resulting in improved risk/reward.
▪️ Expect trading to remain mixed and volatile.
Stop: 1755
Target1: 1717.50
Target2: 1700
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