In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we analyse a selling opportunity in Gold.
Regarding this trade, there is currently a risk-on sentiment which is evident in the markets. There is also optimism in a resolution being found in trade talks between the US and China. Additionally, there seems to be retained positivity in the pound for the time being. Both of these lend themselves to pressure on the price of Gold, if only for a short period.
So how do we, as traders, look to capitalise on this information? Well, technically, we have seen a series of lower highs and lower lows recently. This is the definition of a downtrend. As a result, following on from yesterday’s bearish candlestick, we anticipate Gold to continue lower below yesterday’s low of 1481.28.
Selling Opportunity in Gold – Full Video Analysis
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