Economic Factors:
Fed Rate Decisions: Speculations of potential rate cuts by the Federal Reserve could support gold prices as investors seek safe-haven assets.
Geopolitical Tensions: Ongoing geopolitical uncertainties can also drive investors towards gold, further pushing the price upwards.
Trade Idea:
Type: Market Execution Buy Order
Entry Price: 2,426 (Enter in layers with each 15M candle as confirmation)
This price represents a recent support level seen on the 15-minute chart and aligns with the Fibonacci 61.8% retracement level, which typically acts as strong support.
Risk Management:
Stop Loss: 2,415
This is below the recent swing low on the 15-minute chart and gives some room for the price to move without hitting the stop loss prematurely.
Reward:
Target Price: 2,450
This is a level of previous resistance and represents a potential retracement to the upper Fibonacci levels (around 38.2% or higher) on the daily chart.
Reward-Risk Ratio:
Potential Reward: $24 (from 2,426 to 2,450)
Risk: $11 (from 2,426 to 2,415)
Reward-Risk Ratio: 2.18
Stop Loss Adjustment for Trailing Profits:
Initial Adjustment: Move the stop loss to breakeven (2,426) once the price reaches 2,436.
Further Adjustments: Continue trailing the stop loss by 10 points as the price moves towards the target, to lock in profits as the trade progresses.
Market Context:
Trend: The major trend in the daily timeframe suggests a possible bullish continuation after the retracement to the Fibonacci 61.8% level.
Confluence: The confluence of the Fibonacci level, the support zone, and fractal patterns suggest a higher probability of price movement in favor of the trade.
Please adjust your risk tolerance accordingly and monitor the trade closely. If the market conditions change significantly, consider re-evaluating the trade.
Fed Rate Decisions: Speculations of potential rate cuts by the Federal Reserve could support gold prices as investors seek safe-haven assets.
Geopolitical Tensions: Ongoing geopolitical uncertainties can also drive investors towards gold, further pushing the price upwards.
Trade Idea:
Type: Market Execution Buy Order
Entry Price: 2,426 (Enter in layers with each 15M candle as confirmation)
This price represents a recent support level seen on the 15-minute chart and aligns with the Fibonacci 61.8% retracement level, which typically acts as strong support.
Risk Management:
Stop Loss: 2,415
This is below the recent swing low on the 15-minute chart and gives some room for the price to move without hitting the stop loss prematurely.
Reward:
Target Price: 2,450
This is a level of previous resistance and represents a potential retracement to the upper Fibonacci levels (around 38.2% or higher) on the daily chart.
Reward-Risk Ratio:
Potential Reward: $24 (from 2,426 to 2,450)
Risk: $11 (from 2,426 to 2,415)
Reward-Risk Ratio: 2.18
Stop Loss Adjustment for Trailing Profits:
Initial Adjustment: Move the stop loss to breakeven (2,426) once the price reaches 2,436.
Further Adjustments: Continue trailing the stop loss by 10 points as the price moves towards the target, to lock in profits as the trade progresses.
Market Context:
Trend: The major trend in the daily timeframe suggests a possible bullish continuation after the retracement to the Fibonacci 61.8% level.
Confluence: The confluence of the Fibonacci level, the support zone, and fractal patterns suggest a higher probability of price movement in favor of the trade.
Please adjust your risk tolerance accordingly and monitor the trade closely. If the market conditions change significantly, consider re-evaluating the trade.
Note
Trade is still active. Price has not yet breached $2415. Note
Trade Closed at $2431. Gold prices were relatively flat today. It's best to look for new structures and opportunities next Monday.Have a good weekend.
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.
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.