Rationale:
Two counts here: for Bulls (Daily) and for Bears (H4).
There are two orange rectangle levels where buying is possible but as soon as price action will not become impulsive in order to develop wave 1 of 5 – take the profit and run because under the round number of 1700 might be lot of stops and if triggered price might easyly slip to another support that is $30 lower.
Lack of impulsive development is valid reason to sell gold.
Entry: Buying into rectangle levels 1704 – 1703 with very tight stop.
SL: TIGHT!
TP1:1730
TP2:1750
R/R: 5:1 and 10:1
Take care,
Seb
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