Gold is breaching below a very important level at 1245.
This level was last week low and an equidistant channel low.
Since it is a deep downtrend, I was interested for TAG2 Robot to open a trade.
What I did with TAG2 Robot?
There was a lower timeframe signal (see label 0,1,2). However trade was missed due to filters.
This is a good opportunity as TAG2 Robot had everything calculated. So I entered this trade manually by shorting at average price 1249.
Autobox shows that Gold price is still heading down. Remember to get your free copy of Autobox in MT4.
I will be looking at each retracement for adding more positions. Keep a look out for The Alien Room G+ post on where and how I add more positions.
For now, resistance is firm at 1245 to 1250.
I’m setting my view at 1120 which is the bottom of equidistance channel.