My Trade Idea For XAU/USD (Gold) for 72hrs
Hi Guys,
Just want to share my outlook on Gold for the next couple of days. While the overall trend is bullish, I am expecting the 1830 zone (act as strong resistance multiple times in recent times and bearish RSI divergence was spotted which suggest a possible reversal) to act as temporary resistance and push down to the 1812 zone where I am expecting it to find strong support and form an HL to continue the upward push. Once that is all played out I am expecting price to push up to the 1850 zone.
If the 1830 zone fail to act as a strong resistance, I expect it to turn into support and from there, price will push to the 1850 zone.
High impact news is expected on Monday and Tuesday so as always exercise caution and practice proper risk management always. We trade with tight SL not exceeding 50pips with at minimum a 1:3 RRR...previous profits do not guarantee future gains. Best of luck for 2022 guys...let's bank that money...Team TRMIB
Just want to share my outlook on Gold for the next couple of days. While the overall trend is bullish, I am expecting the 1830 zone (act as strong resistance multiple times in recent times and bearish RSI divergence was spotted which suggest a possible reversal) to act as temporary resistance and push down to the 1812 zone where I am expecting it to find strong support and form an HL to continue the upward push. Once that is all played out I am expecting price to push up to the 1850 zone.
If the 1830 zone fail to act as a strong resistance, I expect it to turn into support and from there, price will push to the 1850 zone.
High impact news is expected on Monday and Tuesday so as always exercise caution and practice proper risk management always. We trade with tight SL not exceeding 50pips with at minimum a 1:3 RRR...previous profits do not guarantee future gains. Best of luck for 2022 guys...let's bank that money...Team TRMIB
Comment:
The sell did much better than I had planned...looking for the market to find strong support now to take the buy. I am very optimistic about the buy, but as with Gold the sell is always on...market could go back down to 1800 and even break it for further push on the downside.