GOLD Analysis and Predictions
Summary of Key Points
- GOLD price has been rejected at the resistance line once. Current trends indicate that it’s heading back to the same resistance line.
- VectorAlgo predicts another possible rejection at the resistance line, presenting a promising opportunity for a short trade.
- Should a clear rejection occur, VectorAlgo plans to make an entry into the short trade.
- VectorAlgo has detailed a trade plan with an entry price of 2016.44 and a stop loss at 2024.40. They’ve noted potential targets, ranging from 2011.89 to 1984.37.
- The proposed timeframe for this trade is 1 hour, with 1-2% of trading capital being the suggested stake.
Conclusion and Hot Take
The persistent push and rejection at the resistance line labeled in GOLD’s pricing trends suggest a cyclical pattern that traders might capitalize on. VectorAlgo’s prediction of a short trade opportunity should the trend continue carries merit, considering the historical pricing data. Entering the trade upon a clear rejection could lead to significant gains, provided VectorAlgo’s targets are reached. However, this is a speculative prediction and, like every trading decision, carries an inherent risk. Traders should thoroughly assess their risk tolerance and consult with financial advisors before executing such trades.
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Original article: https://www.tradingview.com/chart/GOLD/XgPYI9oA-I-m-bearish-on-GOLD/
