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GOLD: Short Trade Setup on Rebound from Resistance Area
Following our previous successful take profit on GOLD, where the price swiftly reached the designated resistance area, the market has experienced a rebound from that very same resistance zone. In light of this development, our current idea revolves around taking a short trade with the objective of targeting the next support level.
The price of GOLD remains within a downtrend momentum, and it is currently situated within a range-bound area characterized by periodic rebounds from resistances to supports, and vice versa. This range-bound behavior provides opportunities for traders to capitalize on price movements within the defined boundaries.
Furthermore, the Relative Strength Index (RSI) has just exited the overbought area, signaling a potential reversal or corrective move in price. Taking these factors into consideration, we have decided to initiate a short trade position today.
By leveraging the prevailing downtrend, the range-bound market structure, and the RSI signal, we aim to profit from a potential downward move towards the next support level in our short trade on GOLD.
The price of GOLD remains within a downtrend momentum, and it is currently situated within a range-bound area characterized by periodic rebounds from resistances to supports, and vice versa. This range-bound behavior provides opportunities for traders to capitalize on price movements within the defined boundaries.
Furthermore, the Relative Strength Index (RSI) has just exited the overbought area, signaling a potential reversal or corrective move in price. Taking these factors into consideration, we have decided to initiate a short trade position today.
By leveraging the prevailing downtrend, the range-bound market structure, and the RSI signal, we aim to profit from a potential downward move towards the next support level in our short trade on GOLD.
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