POTENTIAL TRADE: XAU/USD
Gold had a huge sell off, it slid a severe 1% today as Chinese steps to mitigate the economic effect from the coronavirus epidemic drove some investors away from safe havens and back into riskier assets.
We did observe a break of the white trend-line seen in the chart. We have also broken a support zone a $1560/oz. This is indication that we may experience a mini downtrending market for the next couple of weeks.
Here we are looking for potential sell opportunities at a re-test of the broken support zone. Sell positions at the $1570/oz region look appealing with stops placed 10$ at the $1580 region. Signal on this swing trade will be released on our members area shortly. Targets and exact instructions on how to enter and manage this trade along with key economic releases to be aware of will also be posted on the website for members.
Gold had a huge sell off, it slid a severe 1% today as Chinese steps to mitigate the economic effect from the coronavirus epidemic drove some investors away from safe havens and back into riskier assets.
We did observe a break of the white trend-line seen in the chart. We have also broken a support zone a $1560/oz. This is indication that we may experience a mini downtrending market for the next couple of weeks.
Here we are looking for potential sell opportunities at a re-test of the broken support zone. Sell positions at the $1570/oz region look appealing with stops placed 10$ at the $1580 region. Signal on this swing trade will be released on our members area shortly. Targets and exact instructions on how to enter and manage this trade along with key economic releases to be aware of will also be posted on the website for members.