Gold Price has broken the Upward facing trendline. Price has left the bullish channel and making HH and HL. In such a case Price seeks a support.
As of current 50 SMA is at 2008 which is likely to act as resistance. 200 SMA is at 1950 which should be the 1st target (on 4H Chart) .
Further , To me price will go down from 1950 to 1890 to meet upward facing trendline on daily chart.
So what should the strategy? Ideally i will seek to sell Gold near 2000 to 2009 with immediate SL 2015.80 Targeting 1970 , 1950 and 1908 in extension.
Do Comment on the idea and odds.
As of current 50 SMA is at 2008 which is likely to act as resistance. 200 SMA is at 1950 which should be the 1st target (on 4H Chart) .
Further , To me price will go down from 1950 to 1890 to meet upward facing trendline on daily chart.
So what should the strategy? Ideally i will seek to sell Gold near 2000 to 2009 with immediate SL 2015.80 Targeting 1970 , 1950 and 1908 in extension.
Do Comment on the idea and odds.