Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
Many precious metals are not doing well today and that's ok. Taking a look at gold, we're hovering above the 200 and 300 weekly moving averages. momentum is heading to the downside at the moment but that's just par for the course with market movements. What goes up, will go down.
I'm looking for a break of $1400 before I hop in here. As you can see, there's a lot of resistance in this zone and it's quite possible we will break this, although that would cause the 200/300 weekly moving averages to cross bearish.
Market moves slow. The visible range of this chart dates back to 2008 so we're looking at a 1+ year investment watch. Not my favorite but I'm keeping an eye on it.
If I happen to take the trade at $1400, I will get out the moment it gets anywhere near $1700. Also I will be looking for the reaction around $1600. If you take this trade today at $1284, I strongly suggest a stop loss around $1240. If we break through $1200, there's a chance we may be heading down to about $1000.
Many precious metals are not doing well today and that's ok. Taking a look at gold, we're hovering above the 200 and 300 weekly moving averages. momentum is heading to the downside at the moment but that's just par for the course with market movements. What goes up, will go down.
I'm looking for a break of $1400 before I hop in here. As you can see, there's a lot of resistance in this zone and it's quite possible we will break this, although that would cause the 200/300 weekly moving averages to cross bearish.
Market moves slow. The visible range of this chart dates back to 2008 so we're looking at a 1+ year investment watch. Not my favorite but I'm keeping an eye on it.
If I happen to take the trade at $1400, I will get out the moment it gets anywhere near $1700. Also I will be looking for the reaction around $1600. If you take this trade today at $1284, I strongly suggest a stop loss around $1240. If we break through $1200, there's a chance we may be heading down to about $1000.