Hello traders.
Hope you spent a wonderful weekend!
Gold is currently in very significant area.
If you look higher at Weekly timeframe you will notice that this is close to the previous supply zone, a zone of strength.
On the other hand, forecasts and fundamentals indicate that this specific metal will create new All-Time Highs during 2023.
So,as a traders we want to make money and benefit from the market following the moves with correct entries and exit levels.
Personally, I am expecting a sell from the level of 1880 to 1905.
The point is that we never know the precise reversal areas. All we have is educated guesses.
One position in 1903 (approx.) and another - half size in the area of 1880 for short aiming profit targets:
1850 (80% closed position for safe,)1830-1823-1812
Important to mention is that from the downtrend started at 2067 and terminated at 1616, we are between 0.5 & 0.618 Fibonacci levels.
These levels will mean nothing in case something big is going to be released.
Long term speaking, I am waiting to enter gold again in the range between 1803 and 1812 with a targets 1880-1900-1955-1980.
Perhaps the market will not retrace to such levels so I am waiting to see rejections of 1820 area.
Hope you spent a wonderful weekend!
Gold is currently in very significant area.
If you look higher at Weekly timeframe you will notice that this is close to the previous supply zone, a zone of strength.
On the other hand, forecasts and fundamentals indicate that this specific metal will create new All-Time Highs during 2023.
So,as a traders we want to make money and benefit from the market following the moves with correct entries and exit levels.
Personally, I am expecting a sell from the level of 1880 to 1905.
The point is that we never know the precise reversal areas. All we have is educated guesses.
One position in 1903 (approx.) and another - half size in the area of 1880 for short aiming profit targets:
1850 (80% closed position for safe,)1830-1823-1812
Important to mention is that from the downtrend started at 2067 and terminated at 1616, we are between 0.5 & 0.618 Fibonacci levels.
These levels will mean nothing in case something big is going to be released.
Long term speaking, I am waiting to enter gold again in the range between 1803 and 1812 with a targets 1880-1900-1955-1980.
Perhaps the market will not retrace to such levels so I am waiting to see rejections of 1820 area.
Comment:
80% closed in 1869. + 100 pips
Trade closed: target reached:
1) sell trade 80% closed at +100 pips and 20% in 190 pips loss => equivalent approx+50 pips.
2) sell trade +370 pips
3) Twin long trades with avg. entry @1816 and manual exit 1836 =>+200 pips
Overall = +620 pips
2) sell trade +370 pips
3) Twin long trades with avg. entry @1816 and manual exit 1836 =>+200 pips
Overall = +620 pips