Hi traders, Gold had a massive drop on last week after the nfp data released from us. We can see price was reaching the previous support zone and we believe this support will hold price back up again. Previously when price reached 1750 ,price rejected and rise to 1830 (800 pips) . I believe there is alot pending order will activate on monday and tuesday.I expect price will start retrace back up at least to our first take profit level which is 1794. (300 pips) RR(1:2) Previously this zone act the price as a support and this time it will be the resistance.(Previous support turn resistance).If price break through this 1794 zone price will continue rising to our 2nd take profit level 1830 (Previous high) RR(1:4).Stop loss level will be at 1745. So we will keep gold on our watchlist and see how far will the price goes. Anything i will update on below .As usual , Plan the trade, Trade the plan. Goodluck traders.
Trade closed: stop reached:
Unfortunately,price continue the last week strength when market reopen.So we took a loss within an hour. We will monitor the price and we will look for another reentry. I will update the next ideas soon.