Analysis of Gold Price Movement in May 2024
For the daily timeframe in May 2024, Gold has opened at a high level, indicating potential seller activity. The initial target for price movement is the open price of 2321.07, serving as the primary take-profit point for the monthly structure. Utilizing Fibonacci analysis, the first take-profit level is identified at 2339.56, followed by the open price of 2321.07.
Key rules to follow when trading this structure include:
1. Market Structure (OHLC/OLHC)
2. Divergence
3. TDI Cross
When these conditions align, the likelihood of a successful trade increases. Remember to practice patience and apply proper risk management techniques.
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For the daily timeframe in May 2024, Gold has opened at a high level, indicating potential seller activity. The initial target for price movement is the open price of 2321.07, serving as the primary take-profit point for the monthly structure. Utilizing Fibonacci analysis, the first take-profit level is identified at 2339.56, followed by the open price of 2321.07.
Key rules to follow when trading this structure include:
1. Market Structure (OHLC/OLHC)
2. Divergence
3. TDI Cross
When these conditions align, the likelihood of a successful trade increases. Remember to practice patience and apply proper risk management techniques.
Kindly support this idea, Follow, Share and like :)....
Trade closed: target reached
DONE AND DUSTED
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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.