Gold found support at the indicated level on the hourly which presented an ideal area for a long trade. You can see the bullish 1H candle which has broken through the resistance level and now that level seems to be acting as support.
We need to be careful here as all the charts are showing no signs of direction as yet. We have the Excalibur target above which we feel is likely as long as we are holding above this support.
At the moment we are selling from strong resistance such as this morning and buying from strong support as we've seen below.
In tight ranges like this where we have choppy price action and hardly any chart patterns its best to trade small lots for quick captures until the market finds its feet and picks a direction.
We need to be careful here as all the charts are showing no signs of direction as yet. We have the Excalibur target above which we feel is likely as long as we are holding above this support.
At the moment we are selling from strong resistance such as this morning and buying from strong support as we've seen below.
In tight ranges like this where we have choppy price action and hardly any chart patterns its best to trade small lots for quick captures until the market finds its feet and picks a direction.
Trade closed: target reached
BOOM. Excalibur does it again. Target met.
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🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
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.
🔵 FREE TELEGRAM CHANNEL: t.me/KnightsofGold
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
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.