husamalahmadi

Gold did it again

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Based in my opinion gold had moved fast in the last two weeks or so based in political events and some of the U.S bad data which made investors rushed to the save heaven like gold and Japaneses Yen. There was no other rational reason for that extended spike that made gold breaks 20 Feb 2019 high which was 1341. I really believe that the trend marked (1) in the above picture was stronger than the other two trends which marked as (2) and (3) respectively. That made me to conclude that trend marked (1) is the main movement of gold and trend (2) and (3) were just correction movement. Because of this, I strongly recommend that to not buy this break out, instead you wait for price to go down below 1341 and started fluctuated between this resistance and support 1325. Once the momentum that made this spike to goes up disappear and faded completely you engaged with sell trade and your profit based in my opinion will be the level that reached in trend marked 1.

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.