Possible trade idea for Gold for next week
When we look at the chart of Gold we can see that the price went below the support zone today. We will have to wait for the opening Sunday to see what the price does but if it keeps reacting how it is reacting now we should be looking to short gold in stead of going long because it appears that the fundamental part doesn't effect it.
When we look at what kind of news that we got today gold should have boosted but because of the FED that is keep buying into the bonds gold kept dropping.
Also when we look at stimulus it should normally also give gold a little boost but it looks like that all doesn't matter anymore.
So we have to wait for the opening on Sunday but the setup looks very valid for now.
The stop is also at a good point. Right above the falling wedge and above the Fibb extension.
This setup should take a while to hit the take profit but if we just get 2 more drop days like today it could be a very fast tp hit.
Please let me know in the comments what you think of it and feel free to share your idea for gold.
If you like the idea, don't forget to give it a like.
When we look at what kind of news that we got today gold should have boosted but because of the FED that is keep buying into the bonds gold kept dropping.
Also when we look at stimulus it should normally also give gold a little boost but it looks like that all doesn't matter anymore.
So we have to wait for the opening on Sunday but the setup looks very valid for now.
The stop is also at a good point. Right above the falling wedge and above the Fibb extension.
This setup should take a while to hit the take profit but if we just get 2 more drop days like today it could be a very fast tp hit.
Please let me know in the comments what you think of it and feel free to share your idea for gold.
If you like the idea, don't forget to give it a like.
Comment:
Went short at 1858.5
Comment:
Going to take partial profit and move SL to breakeven becuase the price is struggling to break the support zone 1820-1815.
Comment:
Trade is going good. I already secured some of the profits and put my SL at break even.
It could get choppy today as we get to see the Non-Farm Payrolls so that's the main reason why I put my SL at breakeven and closed about 30% of the trade in good profit.
It could get choppy today as we get to see the Non-Farm Payrolls so that's the main reason why I put my SL at breakeven and closed about 30% of the trade in good profit.