Gold broke a new price level after a long time . It formed a rising (ascending) wedge which indicates the formation of a bearish chart. There was a breakout of the rising wedge which likely kickstarted the bearish trend.
However, market closed at a key level, which is also the 78.6 fib level. For me, this is a strong key zone.
I would wait for the break of that key level and enter for a short position at the reseat of that level.
If it goes otherwise, the setup is invalidated
Ps: No confirmation, no entry
However, market closed at a key level, which is also the 78.6 fib level. For me, this is a strong key zone.
I would wait for the break of that key level and enter for a short position at the reseat of that level.
If it goes otherwise, the setup is invalidated
Ps: No confirmation, no entry