Overview:
As of January 25, 2024, Gold maintains its position below the 200MA on the H1 timeframe and has recently broken the previous swing low. This suggests a continued short-term downtrend, aligning with the perspective from the last analysis.
Trade Engagement:
Following the analysis, two trades were initiated at 2035 on January 19, 2024, and additional trades at 2032 on January 24, 2024. With confirmation from lower timeframes, half of the positions have been closed, and stop-loss (SL) has been moved to break even for risk mitigation.
Future Strategy:
The plan is to actively seek more sell positions in the short term. The sell target is currently set at 1996. While pursuing additional selling opportunities, the strategy emphasizes securing profits by taking partial gains and ensuring a risk-free position by moving the SL to break even.
Conclusion:
The analysis reinforces the short-term downtrend, with trade actions aligned accordingly. Active monitoring for more selling opportunities is ongoing, while securing profits and mitigating risk through strategic SL adjustments remain integral to the trading plan.
As of January 25, 2024, Gold maintains its position below the 200MA on the H1 timeframe and has recently broken the previous swing low. This suggests a continued short-term downtrend, aligning with the perspective from the last analysis.
Trade Engagement:
Following the analysis, two trades were initiated at 2035 on January 19, 2024, and additional trades at 2032 on January 24, 2024. With confirmation from lower timeframes, half of the positions have been closed, and stop-loss (SL) has been moved to break even for risk mitigation.
Future Strategy:
The plan is to actively seek more sell positions in the short term. The sell target is currently set at 1996. While pursuing additional selling opportunities, the strategy emphasizes securing profits by taking partial gains and ensuring a risk-free position by moving the SL to break even.
Conclusion:
The analysis reinforces the short-term downtrend, with trade actions aligned accordingly. Active monitoring for more selling opportunities is ongoing, while securing profits and mitigating risk through strategic SL adjustments remain integral to the trading plan.
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.
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.