Trading within Channel | Long & Short Setups

Gold currently finds itself trending within a respectable descending parallel channel. We could experience a price bounce from the approachable support area outlined in green - forming another LL on the lower descending trendline. This could potentially result in a long opportunity, which could go up until the previous resistance line in correspondence to the higher descending trendline of the channel. If this happens to be the case, the 0.618 Fib retracement area (outlining perfectly in confluence with the resistance and the higher trendline roof) could result in presenting itself with a short opportunity - ultimately allowing the descending channel to continue in its trend downwards until a breakout!

This is NOT a financial advice, trade at your own risk!

Kommentera:

Perfectly moving in accordance to the plan so far!