Bearish gold short for the London / US session

9 Mar 2021

Wait for gold to go above the bearish 1705 resistance zone, when it begins to pullback then enter the trade, an aggressive entry would be 1708, you could always wait for confirmation once gold goes below the resistance zone and then retests the resistance zone for a bearish move downwards. Set your stoploss to just above the previous high as shown. Once gold is below the pivot resistance zone at 1696, target the lower peaks of gold at 1680 and 1672 to take profit. 1672 is the full extension and an aggressive second take profit since it is at the lower of the demand zone. The levels shown are the major long term support zones where there should be increased demand for the bulls. I will update this idea as to where to place a buy entry once gold enters the demand zone.