The chart suggests that GOLD will regain upward momentum after hitting a well respected support zone (indicated in yellow) and possibly continue up to 1516.00 price points with the possibility to continue further into record highs.
However, due to golds volatility today the possibility of a breakout of this zone is looking more and more likely, which could be the beginning of strong downward movement for GOLD.
At this moment in time I am long in GOLD as the resistance zone is still being respected. A breakout would mean I will trade short
So based on this analysis if you are planning a long in GOLD, at which point in the market you planning to open BUY trade?
xsk
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@order2k19, I executed a BUY trade as soon as I published this idea! I then moved my stop loss into profit which has been hit! I will re-enter the trade with care.
Theres a significant support line around the 1498.00 price point which we can see has been recently tested. A breakout of this price I will trade gold in big lot sizes.
Again just be cautious with volatility and breakouts. Always be prepared for your trade to hit your stop loss.