Gold retests previous broken lows

1 November 2021 | Updated: 1 November 2021

Key Resistance: 1787
Key Support: 1779 – 1772

Gold had a very bearish Friday session dropping -1.60% from the lows of the week to Friday’s lows breaking with the previous key level (1787).

Now it has pulled back to retest this exact broken level whilst printing a bearish continuation pattern. My trade idea is to sell at the break of this pattern.

After Gold broke to the downside there was no real bearish momentum in play so I decided to manage this trade very aggressively moving my SL down every time Gold made a new lower high.

The other reason I managed this trade so aggressively is because I saw no real bullish momentum in the USD before the London open.

A lack of real sellers in Gold after the break of the pennant lowered the probabilities of success and if we add the lack of USD buyers a fakeout was really plausible after the breakout.

Managing losing positions is also a big part of long term profitability.

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