Chart in Focus: Daily Gold
The spot Gold market rotated up to the key level near 1250.00 last week but failed to maintain itself above it, creating a false break / pin bar on the weekly chart that could trigger a resumption of the recent downtrend in this market. Traders could consider a 50% tweaked trade entry trick sell entry on this pin bar if price retraces a bit higher early this week on the daily chart. More aggressive traders may look to sell near current levels with an understanding that doing so would require a wider stop loss above last week’s high.
The spot Gold market rotated up to the key level near 1250.00 last week but failed to maintain itself above it, creating a false break / pin bar on the weekly chart that could trigger a resumption of the recent downtrend in this market. Traders could consider a 50% tweaked trade entry trick sell entry on this pin bar if price retraces a bit higher early this week on the daily chart. More aggressive traders may look to sell near current levels with an understanding that doing so would require a wider stop loss above last week’s high.
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