Gold sell

Reasons for shorting gold

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Gold is in a downtrend on the 4H.Depicted by Lower Highs and Lower Lows. As you can see, I have placed the trend in a channel where it bounces off the top and bottom black lines.

In a downtrend, you should be looking for shorting opportunities

1808 is the Take profit target which when you look to your left, was hit before so price would be looking to go there.

A good entry point will be 1832 which is the 71.8% Fibonnaci retracement point. This also corresponds with 50% of the 4H institutional sell candle which is a Point of interest/imbalance that price would be looking to go correct

Another entry could be 1835 which is the 78.6% Fibonnaci retracement point. This is also previously an area of support which price may look to go correct.

Trade carefully. Happy learning

Trade stängt manuellt:

Analysis was good but no entry as price didn't get to 1832