On the daily time frame gold is starting to show some buying strength again after a long bearish trend. Currently there are 2 scenarios. Straight up from here or small movement up followed by a retracement towards the support area before a strong move up.
Trading Advice: Risk: Start with a small buy position, add more at the support or when the upper range has been.
Low Risk: Wait till price get close to the support area or has broken the upper range, then add a nice buy position. If you did add a buy at the support level add more when the upper range has been broken.
Trade active
Trade active
2nd buy entry
Trade closed: target reached
Daily is getting close now to the upper range and currently the 1 hour time frame is retracing a bit. Booked profit at both positions. When the daily time frame has broken the upper range or when its at the support i will buy again.
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