Why Gold May Reach 1400 After Pullback + A Couple Trade Setups

Hey Traders, Gold recently made a meaningful move higher & I expect this uptrend to continue however, as we know, nothing goes up in a straight line & if it does, it is most likely not a sustainable trend. I do not recommend taking a counter trend trade unless you have a specific strategy and trade plan that has been thoroughly back tested. I am currently holding a short position (countertrend trade) on gold. As mentioned in the title of this idea, I do believe gold will continue higher & ultimately hit 1400 before the next meaningful pull back therefore I am watching my short position closely and aggressively managing the position on a lower timeframe.. I have highlighted a couple different price zones that I believe to be key levels & I will be watching those levels for any bullish indications. If gold does begin to show bullish signs near my price zones & my conditions & criteria for entry are met, I will flip my short position to a long position to lock in profits & rejoin the uptrend..

Reasons for entering a counter trend trade:
- Strong Weekly Resistance Level (Red Zone On Chart)
- Strong Bearish Divergence On The Momentum Indicator at a Weekly Resistance Level
- Fractal (I will explain Fractals in a future tutorial but just to give you an idea, Fractals typically appear at strong levels of Support & Resistance.)
- Weekly Bearish Engulfing Candle
- Daily Shooting Star Candle At Structure Resistance

I hope this was helpful! feel free to share your analysis on gold or ask any questions regarding my setup. Thanks Traders!!

Trade geschlossen: Ziel wurde erreicht:

Target 1 & 2 have been met! Another great trade here on tradingview. I am now long gold & silver again. In this idea, I highlighted a potential buy zone on gold and we did receive some bullish signs near that zone therefore I flipped my short position to a long after target 2 was met.. I am expecting gold & silver to continue to rise here. I will be publishing another idea regarding the metals asap. Thanks Traders!