Has Gold turned bullish?
Following up on the weekly chart I posted yesterday, we saw nearly half of last week's losses recovered in a day. The news seems to support a further rise in the gold price and there is little economic data out this week so I think we will see a continuation of yesterday's action.
Looking at the hourly chart gold has just pushed through resistance at 2619 and there appears to be little resistance up to 2680. I've put in buys at 2620 with the following TPs.
TP1 - 2624
TP2 - 2640
TP3 - 2659
TP4 - 2676
SL - 2605
I've also placed a stretch at 2688
Though I may revise these depending how the price travels throughout the day...
Giddy up!
Looking at the hourly chart gold has just pushed through resistance at 2619 and there appears to be little resistance up to 2680. I've put in buys at 2620 with the following TPs.
TP1 - 2624
TP2 - 2640
TP3 - 2659
TP4 - 2676
SL - 2605
I've also placed a stretch at 2688
Though I may revise these depending how the price travels throughout the day...
Giddy up!
Trade active
TP1 hit I moved SL to entryNote
Trade closed at entry. I re-entered at 2620 and a slight modification to TP2 - 2635Note
TP1 and TP2 hit overnight and SL moved to entry.Trade closed: stop reached
Taken out at entry again. That was quite a (temporary) drop and a strong comeback!
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