Dear friends, the price of Gold continues to decline below the 1800 USD mark, dropping from its highest level in the past 5 months. This is due to the Federal Reserve maintaining high interest rates, which affects the demand for non-yielding assets.
A clear upward trend has formed on the 1-hour time frame. My short-term trading idea is to place a buy order for Gold when it reaches the support level of 1972 USD, with an expected increase to 1991 USD. What are your thoughts on this?
A clear upward trend has formed on the 1-hour time frame. My short-term trading idea is to place a buy order for Gold when it reaches the support level of 1972 USD, with an expected increase to 1991 USD. What are your thoughts on this?
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Trade closed: target reached
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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.