Gold Possible Short Entry Opportunity 16th March 2012

Gold Possible Short Entry Opportunity 16th March 2012

This post is essentially to record my thoughts as opposed to being an outright prediction. Presently undecided whether I’m going to take the position as my previous Gold trade incurred a loss despite being one I was quite confident of.

My thinking…. short with stop loss on a daily close above 15th March 2012 high.

Initial target at the 1625 channel base (also the 61.8% Fibonacci retrace – not shown on chart)

2nd target 1584 which may be a future area of support whilst also aligning with a back test of the falling trend line unless decayed through time.

1Comment
  • RS2OOO
    Posted at 22:12h, 15 March

    Decided to give this trade a try.

    Entered Short at 1658