Gold Analysis! Where Gold is Heading Next & How To Trade It
Hey Traders, I am seeing some good setups on Gold 0.55%right now and would like to share with you how I plan to trade them. I have 3 Support and Resistance lines that I believe to be important price zones for Gold 0.55%. I am using these price levels to gauge where price is likely to go next. These support & resistance lines (zones) is where I will be looking for my entry signals. I have four possible setups that I am looking to trade.
1) Breakout above resistance followed by a retest. If price breaks above resistance & then holds as support (retest), I will look for my entry signals.
2) Breakout below support followed by a retest. If price breaks below support & then holds as resistance (retest), I will look for my entry signals.
3) Support (shown on chart below) holds as support and creates a Double Bottom , at this point I will look for entry signals.
4) Resistance (shown on chart below) holds as resistance and creates a Double Top , at this point I will look for entry signals.
I have attached an image of setups 3 and 4 below but I have also shared a separate idea with an interactive chart. That idea is called "Gold trading setups, What to look for & how to trade them"..
I will link the idea below in the related ideas section.
I will update this idea if one of these setups do occur. Comment below with any questions you may have regarding these setups & feel free to share your charts and analysis below. Thanks traders & good luck trading!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.