Gold sold off for most of yesterday after a bearish weekly close at the lows of the week on Friday, as we anticipated.
We were expecting a sharp sell off after repeated failed attemps to break 1800 and a bearish divergence on the daily RSI and were positioned short in anticipation of this sell off.
The market found support around 1730 and we closed our short position for a profit of $36. We expected a bounce from support around 1730 and this is unfolding this morning.
Today's video looks at our target for this corrective bounce and our strategy for our next trade.
We were expecting a sharp sell off after repeated failed attemps to break 1800 and a bearish divergence on the daily RSI and were positioned short in anticipation of this sell off.
The market found support around 1730 and we closed our short position for a profit of $36. We expected a bounce from support around 1730 and this is unfolding this morning.
Today's video looks at our target for this corrective bounce and our strategy for our next trade.