Here is what to expect on Gold
RECAP:
In our Previous analysis gold was trading at $1812
We expected Gold to trade back to previous support at $1830 and this is exactly what happened
Then we had Buy Stop orders at $1835 in case Gold broke above support, but this did not happen as support turned to resistance.
Bulls struggled to push the pair beyond $1830 and the pair was range bound between $1827-$1816
Yesterday Gold fell to $1789 triggering our Sell Stop from our previous analysis which was set at $1800 enabling us to bank 200 pips on gold .
It then went back to $1813 before falling again at which we opened other sell orders at $1810 which we are still active.
WHAT TO EXPECT:
Currently trading at $1788
We expect Gold to be bullish but further downward movement is still highly possible
DXY & US10Y might limit Gold's move to the upside
Formation of a Bullish Butterfly at $1788
The pair might trade back to $1810 and find resistance at this range
A break above $1810 will allow Gold to test resistance at $1830
A break below $1780 will see Gold test previous lows of $1765
OUR POSITIONS
Currently @: $1788
Buy Stop @: $1800
Buy Stop TP1 @: $1810
Buy Stop TP2 @: $1820
Sell Stop @: $1780
Sell Stop TP @: $1770
Link to our previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
RECAP:
In our Previous analysis gold was trading at $1812
We expected Gold to trade back to previous support at $1830 and this is exactly what happened
Then we had Buy Stop orders at $1835 in case Gold broke above support, but this did not happen as support turned to resistance.
Bulls struggled to push the pair beyond $1830 and the pair was range bound between $1827-$1816
Yesterday Gold fell to $1789 triggering our Sell Stop from our previous analysis which was set at $1800 enabling us to bank 200 pips on gold .
It then went back to $1813 before falling again at which we opened other sell orders at $1810 which we are still active.
WHAT TO EXPECT:
Currently trading at $1788
We expect Gold to be bullish but further downward movement is still highly possible
DXY & US10Y might limit Gold's move to the upside
Formation of a Bullish Butterfly at $1788
The pair might trade back to $1810 and find resistance at this range
A break above $1810 will allow Gold to test resistance at $1830
A break below $1780 will see Gold test previous lows of $1765
OUR POSITIONS
Currently @: $1788
Buy Stop @: $1800
Buy Stop TP1 @: $1810
Buy Stop TP2 @: $1820
Sell Stop @: $1780
Sell Stop TP @: $1770
Link to our previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
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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.
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.