Gold- Long term view& trading plan
Since the mid of May low, Gold was trading in a range with no clear direction.
The boundaries of this range are pretty clear at this moment and traders can look for a break on either side.
The long-term trend is still bullish and only a break under the 1820 zone would put this trend in danger.
However, for confirmation and continuation to the upside bulls need a daily close above 1870. On the other hand, a drop and daily close near 1800 could lead to a change of trend and Gold can drop to 1680 support in the medium term.
At this moment, in my opinion, sitting and waiting is the best thing to do.
The boundaries of this range are pretty clear at this moment and traders can look for a break on either side.
The long-term trend is still bullish and only a break under the 1820 zone would put this trend in danger.
However, for confirmation and continuation to the upside bulls need a daily close above 1870. On the other hand, a drop and daily close near 1800 could lead to a change of trend and Gold can drop to 1680 support in the medium term.
At this moment, in my opinion, sitting and waiting is the best thing to do.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
secure.m4markets.com/links/go/5426
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
secure.m4markets.com/links/go/5426
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.