Gold: Short Trade from Resistance Zone
Gold/U.S. Dollar FX:XAUUSD
The price bounced from the support zone and move upward. Our long trades are in profit now and we can fix at least the part of it. The stop orders should be moved to the breakeven. What’s next?
The price reversal from the resistance zone formed by 1900.00$ and SMA50 will give us a new trade opportunity.
Here is an example of a possible short trade:
Short below 1895.00$
Stop above 1910.00$
Profit Target at 1850.00$
Risk per trade must be no more than 2% of the capital. We don’t know exactly will the price reach the resistance zone or not? So, in order not to miss a quick reversal, it makes sense to enter the market step by step starting from 1885.00$.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Source: TW DLavrov