Here is what tp expect on Gold
RECAP:
In our previous analysis Gold was trading at $1786
We expected the pair to be range bound between $1790-$1765
The pair did dip below the $1765 mark before going back to $1770 zone
Yesterday the pair managed to break above $1790 and triggered our buy stop at $1795 and hitting our TP at $1805
which we set in our previous analysis, banking 200 pips on Gold
WHAT TO EXPECT:
Currently at $1813
Gold is currently trading at support/resistance
Bearish harmonic pattern formed on the 1H chart (formation might extend)
COT report showed -5k longs closed & +10k shorts opened on Gold last week
So gold, might still be bearish
If the pair struggles to break above current support/resistance we expect the pair to go back to $1790-$1760
On the other hand if the pair breaks above current support/resistance we expect it to test next resistance at $1830
OUR POSITIONS:
Currently at $1813
Buy Stop @: $1820
Buy Stop TP @: $1830
Buy Stop TP 2 @: $1850
Sell Stop @: $1800
Sell Stop TP @: $1790
Sell Stop TP 2 @: $1780
Link to previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
RECAP:
In our previous analysis Gold was trading at $1786
We expected the pair to be range bound between $1790-$1765
The pair did dip below the $1765 mark before going back to $1770 zone
Yesterday the pair managed to break above $1790 and triggered our buy stop at $1795 and hitting our TP at $1805
which we set in our previous analysis, banking 200 pips on Gold
WHAT TO EXPECT:
Currently at $1813
Gold is currently trading at support/resistance
Bearish harmonic pattern formed on the 1H chart (formation might extend)
COT report showed -5k longs closed & +10k shorts opened on Gold last week
So gold, might still be bearish
If the pair struggles to break above current support/resistance we expect the pair to go back to $1790-$1760
On the other hand if the pair breaks above current support/resistance we expect it to test next resistance at $1830
OUR POSITIONS:
Currently at $1813
Buy Stop @: $1820
Buy Stop TP @: $1830
Buy Stop TP 2 @: $1850
Sell Stop @: $1800
Sell Stop TP @: $1790
Sell Stop TP 2 @: $1780
Link to previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
