Here is what to expect on Gold
RECAP:
In our Previous analysis gold was trading at $1812
We expected Gold to trade back to previous support at $1830 and this is exactly what happened
Then we had Buy Stop orders at $1835 in case Gold broke above support, but this did not happen as support turned to resistance.
Bulls struggled to push the pair beyond $1830 and the pair was range bound between $1827-$1816
Yesterday Gold fell to $1789 triggering our Sell Stop from our previous analysis which was set at $1800 enabling us to bank 200 pips on gold .
It then went back to $1813 before falling again at which we opened other sell orders at $1810 which we are still active.
WHAT TO EXPECT:
Currently trading at $1788
We expect Gold to be bullish but further downward movement is still highly possible
DXY & US10Y might limit Gold's move to the upside
Formation of a Bullish Butterfly at $1788
The pair might trade back to $1810 and find resistance at this range
A break above $1810 will allow Gold to test resistance at $1830
A break below $1780 will see Gold test previous lows of $1765
OUR POSITIONS
Currently @: $1788
Buy Stop @: $1800
Buy Stop TP1 @: $1810
Buy Stop TP2 @: $1820
Sell Stop @: $1780
Sell Stop TP @: $1770
Link to our previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
RECAP:
In our Previous analysis gold was trading at $1812
We expected Gold to trade back to previous support at $1830 and this is exactly what happened
Then we had Buy Stop orders at $1835 in case Gold broke above support, but this did not happen as support turned to resistance.
Bulls struggled to push the pair beyond $1830 and the pair was range bound between $1827-$1816
Yesterday Gold fell to $1789 triggering our Sell Stop from our previous analysis which was set at $1800 enabling us to bank 200 pips on gold .
It then went back to $1813 before falling again at which we opened other sell orders at $1810 which we are still active.
WHAT TO EXPECT:
Currently trading at $1788
We expect Gold to be bullish but further downward movement is still highly possible
DXY & US10Y might limit Gold's move to the upside
Formation of a Bullish Butterfly at $1788
The pair might trade back to $1810 and find resistance at this range
A break above $1810 will allow Gold to test resistance at $1830
A break below $1780 will see Gold test previous lows of $1765
OUR POSITIONS
Currently @: $1788
Buy Stop @: $1800
Buy Stop TP1 @: $1810
Buy Stop TP2 @: $1820
Sell Stop @: $1780
Sell Stop TP @: $1770
Link to our previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
