GOLD:
Date: 3 November, 2016
H4 Graph: Long term short, End of correction
The price for gold made a bottom around the $1250, but now as the price reached level of $1305, price stopped and remained below the strong horizontal resistance and Fibo50%.
Price Action: Engulfing Bar on level of horizontal resistance - signal for short
Alternative scenario: If the price goes up and moves above the previous high and above Fibo 50% will cancel this scenario.
Technical Indicator:
DEM (14) - In the overbought zone and turning down for short
Price Entry for short around: $1297
SL: 1310.50
Jr. Trader - S. Fuchedzhiev
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