Gold- will bulls regoup lower?
Updated
As discussed yesterday, I maintain a bullish outlook on Gold and expect the price to rise above 2500. As anticipated, the price dipped below 2450 yesterday, triggering my buy order.
However, the subsequent recovery from this dip has been less encouraging than expected, prompting me to move my stop loss to break even.
From a technical standpoint, Gold's price has fallen below the support level of a recent top consolidation. Unless the bulls reclaim the 2460 level, there is a risk of a further decline.
Currently, the price stands at 2455, and my trade is running with a modest profit of 65 pips. However, unless we break above 2460, my short-term bullish outlook remains cautious.
However, the subsequent recovery from this dip has been less encouraging than expected, prompting me to move my stop loss to break even.
From a technical standpoint, Gold's price has fallen below the support level of a recent top consolidation. Unless the bulls reclaim the 2460 level, there is a risk of a further decline.
Currently, the price stands at 2455, and my trade is running with a modest profit of 65 pips. However, unless we break above 2460, my short-term bullish outlook remains cautious.
Note
Bulls seem to be in an accumulation phase under 2460 resistance.
A break back above would signal the final of correction
tradingview.com/chart/GfczDMMy/
Trade active
Gold broke back above important 2460.
My trade is running with 150 pips profit at the time of the update.
Soft target could be 2480 with the second in the 2500 zone
Trade closed manually
Closed on break even...
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