First, do check out my last analysis if you haven't. Link below. Alright, from that analysis, we can see that simple and rather observation could determine what we will be seeing for gold. When trading gold, is always important for us to set levels for yourself. Personally, I have drawn a simple trend line and following closely till it fails. Movement above the trend resistance will be an impulse movement where I will be looking for short opportunity and patterns as it head back to price level within the trend support and resistance (normal BULLISH climb). Definitely, this theory has been effective but what I wish to get through is gold is about finding a confident trading set up executing it and adapting if the set up fails. After which, weigh a good risk to reward trading opportunity for your trades. Especially for gold, simple indicators and set ups could be rather effective.
As of my view on gold now, I will be seeing it moving within the trendlines as of now. (normal climb movement) The lowest level I will see gold going as of now is 1883-85 price level. Also, there is support level at 1890 price level giving us a rather strong support area. Definitely, if you wish to sell now, do note that you will not have a good risk to reward potential however as of now I will be seeing it moving towards 1890 and a rejection off that level will signal a potential buy opportunity. Trade safely with gold.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
As of my view on gold now, I will be seeing it moving within the trendlines as of now. (normal climb movement) The lowest level I will see gold going as of now is 1883-85 price level. Also, there is support level at 1890 price level giving us a rather strong support area. Definitely, if you wish to sell now, do note that you will not have a good risk to reward potential however as of now I will be seeing it moving towards 1890 and a rejection off that level will signal a potential buy opportunity. Trade safely with gold.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
