Description
⋅ Gold has been going through a corrective consolidation since it's run up to the 2000s which is normal.
We are close to the bottom of the corrective channel, this is a good buying opportunity.
Long position opened, Stops set at the bottom of the corrective channel.
Comment
⋅ We hit our strong support and we broke out of the downward hourly trend.
Expect this bounce up to continue.
Comment
⋅ By now if you are following this trade, you have taken profits from hitting the first target.
Comment
⋅ Closing out 80% of the rest of my position here and leaving the remaining 20% in position with a stop at 1753 (for profit).
This was a winning trade with great entry point extremely good risk/reward ratio.