Gold's analysis - 24 Oct 2024
Updated
2732 acts as an important level today & if price stays below this level then we expect it to hit our target profit at 2713.5.
If price breaks above 2732 then it should hit 2742.5.
Below is our recommendation;
Trade 1 (Risk 0.5% of your account size);
Sell Gold @ 2727
Stop Loss @ 2732
Take Profit @ 2713.5
Trade 2 (Risk 1% of your account size);
Buy Stop Gold @ 2732
Stop Loss @ 2727
Take Profit @ 2742.5
*Total risk is 1.5%, In case Trade 1 hits target profit then Trade 2 order must be deleted.
If price breaks above 2732 then it should hit 2742.5.
Below is our recommendation;
Trade 1 (Risk 0.5% of your account size);
Sell Gold @ 2727
Stop Loss @ 2732
Take Profit @ 2713.5
Trade 2 (Risk 1% of your account size);
Buy Stop Gold @ 2732
Stop Loss @ 2727
Take Profit @ 2742.5
*Total risk is 1.5%, In case Trade 1 hits target profit then Trade 2 order must be deleted.
Trade active
Trade 1 is activeTrade closed: stop reached
Trade 1 hit stop loss levelTrade active
Trade 2 is activeTrade closed manually
Trade 2 closed manually at 2738 as there is a resistance where price could potentially reverse.
Net profit + 700 pips
Comment
Our trade 2 initial take profit level was spot on, gold reached a high of 2743.28.
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