I recommend considering a potential long position on gold if the price breaks above the 1865 level on a 4-hour chart, with a target price of 1890. Alternatively, a potential short position on gold could be considered if the price breaks below the 1850 level on a 4-hour chart, with a target price of 1825. My reasoning for this trade is based on the following technical and fundamental factors:
Technical Factors:
The price of gold has been trading within a range between the 1850 and 1865 levels .
Trade Details:
Long Position: Buy at or above 1865 on a 4-hour chart with a target price of 1890.
Short Position: Sell at or below 1850 on a 4-hour chart with a target price of 1825.
I recommend risking no more than 2% of your portfolio on this trade. If the trade reaches the target price, I recommend taking profits or adjusting your stop loss to protect your gains.
Disclaimer: This is not financial advice. Please do your own research and due diligence before making any investment decisions. Trading involves risk and there is no guarantee of profit.