Gold- 1:4 R:R trade for swing traders
Since the beginning of October's low at 1720, Gold has started to rise and tried to reconquer 1800 figure but failed multiple times.
I draw attention to this fact several times last week and called for weakness which indeed came on Friday.
From the technical point of view, the rise from 1720 to 1810 is contained in a rising channel which is normally bearish and Friday's break under trend line support is confirming a lower high to the overall picture.
Thank being said, the price can continue to drop towards the major support at 1680 and we have interim supports at 1760 and 1720 zones.
This bearish scenario is negated if the price closes above 1810.
I draw attention to this fact several times last week and called for weakness which indeed came on Friday.
From the technical point of view, the rise from 1720 to 1810 is contained in a rising channel which is normally bearish and Friday's break under trend line support is confirming a lower high to the overall picture.
Thank being said, the price can continue to drop towards the major support at 1680 and we have interim supports at 1760 and 1720 zones.
This bearish scenario is negated if the price closes above 1810.
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