How bad is Gold Price today and how far can it go?
Gold Price Today
Gold is breaching below a very important level at 1245.
This level was last week low and an equidistant channel low.
Open trades on Gold
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.
What to watch out for Gold Price in future
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.