Good afternoon team,
We are now looking at entering a short position on GOLD. Last night gold created a potential fake break back inside the bear flag structure and was rejected perfectly from the 36% FIB retracement. With the large number of risk events coming into play over the next two weeks, we see the possibility of a stronger demand for USD, which in turn will impact the price of gold.
GOLD 4 Hour Charts
Trade Setup: SELL STOP – Entry price 1887, stop loss 1907 and take profit 1850.
Stop loss: 200 pips
Take profit: 370 pips