The momentum of Gold to keep rising still in the good mood.
As we see the Gold keep rising till breakout the critical Resistance area $1299, this area was my target from 10th October based on Fibonacci level.
The upside spike is the result of bad inflation numbers that were released last night. It was below expectations, and caused a question whether or not The Federal Reserve will continue to raise interest rates in December.
Based on basic technical, the former Resistance should now become a Support level. And based on this theory, we could move our Stop Loss at least to the Break Even Point.
I took a long position on Tuesday @$1283.50 and also added a Buy position @1285 and closed on Thursday with profits +100 Pips.
Right now I still maintain the Long Position and already moved the Stop Loss to $1286.50.
My next target should be @1321.
Good luck and have a nice profit.
Please click the " Like " button if you see this analysis helpful.
Thanks!!!!
As we see the Gold keep rising till breakout the critical Resistance area $1299, this area was my target from 10th October based on Fibonacci level.
The upside spike is the result of bad inflation numbers that were released last night. It was below expectations, and caused a question whether or not The Federal Reserve will continue to raise interest rates in December.
Based on basic technical, the former Resistance should now become a Support level. And based on this theory, we could move our Stop Loss at least to the Break Even Point.
I took a long position on Tuesday @$1283.50 and also added a Buy position @1285 and closed on Thursday with profits +100 Pips.
Right now I still maintain the Long Position and already moved the Stop Loss to $1286.50.
My next target should be @1321.
Good luck and have a nice profit.
Please click the " Like " button if you see this analysis helpful.
Thanks!!!!
