Good evening guys,
This gold setup looks pretty exciting. Gold is in a huge bull run, so in the longer term I am expecting higher gold prices, however technically it looks like a nice setup for a sell position.
USD has been hammered over the past week supporting higher gold prices. The USD may need to push higher after being oversold suggesting we may also see a pull back on gold in the short term.
This looks to be a text book set up seen back in September 2019. Rising wedge with a bearish divergence.
We are now looking to enter a sell position.
Trade setup: SELL Market Execution, current price 1737 stop loss 1762 and take profit target 1680.00
Stop loss: 250 pips
Take profit: 570 pips
MT4 CODE: XAUUSD
Please use the CFD cheat sheet if you have not traded gold before.