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Gold Futures Short Swing Trade GC1!

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Gold sitting at the top of the Descending Channel

presents a great short opportunity .

I have marked all the levels going down to the

bottom of the channel which were determined using

Fib Pull from last swing high .

Above us I have marked areas of resistance and it remains to be

seen if we see a change in market structure but until then i favour

a short setup .

Also when looking at the DXY index i think we will see a recovery in the

USD to around 91.3 which will put Gold back under pressure and thus keep gold

inside of the descending channel .

1790 will be a tough level to break down IMO as the 100EMA and 200EMA sit here this would also make a good TP1

This setup has a simple invalidation as detailed in the chart but of course set your own levels

pertaining to the percentage risk you are happy to use .

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