Gold Market Analysis and Strategy
Updated
Based on the current market trends, there is a strong likelihood that gold prices will continue to rise beyond the 2650 level. At this point, a shorting opportunity may emerge, as there appears to be a potential downside of approximately $28, targeting a price around 2622.
Key Considerations:
Upward Momentum: Gold’s recent movements indicate strong bullish momentum, likely driven by market sentiment and technical factors.
Resistance at 2650: The 2650 level serves as a significant resistance zone where the upward trend may stall.
Shorting Opportunity: After reaching this resistance, there could be a reversal, offering a window for shorting with a measurable target.
Trading Plan:
Entry Point: Monitor gold prices closely as they approach 2650. Prepare to open short positions once signs of reversal appear, such as bearish candlestick patterns or a decline in momentum indicators.
Target: Set the target at 2622, capturing the $28 potential downward movement.
Risk Management: Use a stop-loss above 2660 to minimize potential losses in case of unexpected bullish breakouts.
Trade active
This is a very beautiful transactionTrade closed: target reached
This order has completed its mission, and the huge profits have brought it to a successful conclusion. After this, the long position finally closed at 2645
As for the short position of 2646-2655, during the previous decline, we closed the orders that started near 2655, and the remaining orders below 2650 are waiting for the price to fall further and end today's transaction.
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