Gold Tests Broken Structure (Will It Sell Off Again?)

Written by Jonathan Jarvis in Trade Setups

Trade Idea: Gold Tests Broken Structure At Key Level

Important note on charts:

It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.

Trade Setup Disclaimer:

All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.

Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.

Potential Trade Setup: Gold tests broken structure from below a key level

All charts I provide are of the Daily time frame unless stated otherwise. 

Gold

Trend: Now Bearish

Key Levels: Broken support 1284.60 area, with next major support at 1237 zone.

Price Action Signal: Has printed a bearish inside candle at a key reversal.

Chart Notes: Gold tests broken structure from below and has now printed a possible inside bearish candle.

With a bearish bias that remains intact, a sell further lower could be a high potential from this location.

Potential Trade Idea:

Sell at the current location, considering price to find support at the last Daily lows to mange the trade. 

Targeting the 1237 area for a final target zone. 

Retest_of_structure_on_Gold

If this setup falls off the trade has plenty of free space to fall. This will all depend on how price reacts at the last daily lows.

I can’t stress enough here, that patient and discipline is the key to any successful trader.

Now is your turn:

How are you planning this setup? What are you looking for to catch the next bearish move with this pair? Just leave any question or comments below.

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