Trading plan for Gold for May 29, 2020

Trading plan:

Gold continues to print lower highs and lower lows since $1,765 resistance. After printing fresh lows at $1,694 yesterday, the yellow metal had rallied higher to produce a counter trend rally. It has reached the fibonacci 50% retracement of the entire drop between $1,765 and $1,664 around $1,732 and is seen to be reversing lower now. The metal is seen to be trading at around $1,727 at this point in writing and is expected to continue lower towards $1,660, going forward. Also note that Gold has tested the past support turned resistance around $1,732 along with the dropping resistance trend line. High probability remains for a turn lower towards $1,660 in the next few trading sessions.

Trading plan:

Remain short, stop @ 1,765, target @ 1,660

Good luck!

Source: Trading plan for Gold for May 29, 2020

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