GOLD Trading Setup

by: Colibri Trader

Dear Traders,

The trading setup from last time- GBPAUD is already in 160 pips profit. The market is not open yet, but it looks as bearish as when I was writing about it. There is a big red bearish candle from Friday. No evident signs from buyers so far. I would like to see how the market would open to plan my further action. So far, there is no evidence for bullish bias or profit taking.

 

GOLD Trading Setup

The trading setup from today is coming from the Gold market. I am looking at the price action and it looks bearish. We are standing just below the minor resistance area at 1183. The next resistance area is at 1200. I will be extremely careful for another bullish leg towards this area. For now, it seems like we are about to see a minor pull-back towards the major support level at 1120. The daily price action is confirming this bearishness. The Friday candle is an inside bar. The intraday charts are also confirming a bearish attitude of the market participants. I am thinking of opening a short trade at around 1172. My stop-loss will be placed just above 1185. My first price target is the level of 1160. My secondary price target is the level of 1145. My final is the level of 1125.

Happy Trading,

Colibri Trader

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