Gold: False Breakout and Bullish Momentum
Recently, gold experienced a false breakout and re-tested support at 2622. This re-test has led the market back into a sideways movement, but with a strong bullish momentum building up along the trendline.
Good luck with your trading 👋
- Resistance at 2655: If gold can reach and sustain its price at 2655, this will serve as the first confirmation of a bullish trend continuation.
- Second Confirmation at 2686: A further rise and hold at 2686 will provide a second and more robust confirmation of the bullish trend.
- Take Profit (TP): After gold reaches 2686, traders can consider taking profits.
- Stop Loss (SL): A stop loss can be placed around $15-$20 below the entry point, or according to your risk management strategy.
Good luck with your trading 👋
Note
Hit 2655 can entry now or wait for re-test 2655 support.Note
rocket is to the moon.
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