GOLD: Short Trade Setup on Rebound from Resistance Area
Following our previous successful take profit on GOLD, where the price swiftly reached the designated resistance area, the market has experienced a rebound from that very same resistance zone. In light of this development, our current idea revolves around taking a short trade with the objective of targeting the next support level.
The price of GOLD remains within a downtrend momentum, and it is currently situated within a range-bound area characterized by periodic rebounds from resistances to supports, and vice versa. This range-bound behavior provides opportunities for traders to capitalize on price movements within the defined boundaries.
Furthermore, the Relative Strength Index (RSI) has just exited the overbought area, signaling a potential reversal or corrective move in price. Taking these factors into consideration, we have decided to initiate a short trade position today.
By leveraging the prevailing downtrend, the range-bound market structure, and the RSI signal, we aim to profit from a potential downward move towards the next support level in our short trade on GOLD.
The price of GOLD remains within a downtrend momentum, and it is currently situated within a range-bound area characterized by periodic rebounds from resistances to supports, and vice versa. This range-bound behavior provides opportunities for traders to capitalize on price movements within the defined boundaries.
Furthermore, the Relative Strength Index (RSI) has just exited the overbought area, signaling a potential reversal or corrective move in price. Taking these factors into consideration, we have decided to initiate a short trade position today.
By leveraging the prevailing downtrend, the range-bound market structure, and the RSI signal, we aim to profit from a potential downward move towards the next support level in our short trade on GOLD.
관련 발행물
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.