gold is looking bullish , will hit 2450 soon.
After a significant drop of over 700 pips from its all-time high, I anticipate a potential upward movement of over 500 pips for gold. Given the support found in the 2400-2390 zone on the daily chart, there is an opportunity to buy from 2400 with a stop loss set at 2380.
Key reasons for this trade include:
1. **Technical Support**: The 2400-2390 range has demonstrated strong support on the daily chart.
2. **Potential for Upside**: A rebound from this support zone could drive the price towards 2450 in the near term.
3. **Risk Management**: Utilizing a stop loss at 2380 ensures limited downside risk. Small initial positions can be taken, with the possibility of adding more trades if the buy signal strengthens.
Effective risk management is crucial in this trading strategy.
Key reasons for this trade include:
1. **Technical Support**: The 2400-2390 range has demonstrated strong support on the daily chart.
2. **Potential for Upside**: A rebound from this support zone could drive the price towards 2450 in the near term.
3. **Risk Management**: Utilizing a stop loss at 2380 ensures limited downside risk. Small initial positions can be taken, with the possibility of adding more trades if the buy signal strengthens.
Effective risk management is crucial in this trading strategy.
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