Gold Trending Higher with Target of 1830
Trend Analysis
The main view of this trade idea is on the 15-Min. Gold appears to be trending higher after breaking out of some resistance around the 1815 level. Next level of resistance is observed around 1820. Expectations are for the metal to trend higher in the short term, with a target of 1830. A break below the blue trend line will trigger a change of this view.
Technical Indicators
The KST recently had a positive crossover, supporting the bullish nature of the metal. Also, Gold is trading above its short (25-SMA), medium (75-SMA) and fractal moving averages. The metal’s RSI is also above 50 and heading towards overbought territory.
Recommendation
The recommendation will be to go long at market. Stop loss will be set around the 1808 price level and a target of 1830. This produces a risk-reward ratio of 1.31.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in Gold.
The main view of this trade idea is on the 15-Min. Gold appears to be trending higher after breaking out of some resistance around the 1815 level. Next level of resistance is observed around 1820. Expectations are for the metal to trend higher in the short term, with a target of 1830. A break below the blue trend line will trigger a change of this view.
Technical Indicators
The KST recently had a positive crossover, supporting the bullish nature of the metal. Also, Gold is trading above its short (25-SMA), medium (75-SMA) and fractal moving averages. The metal’s RSI is also above 50 and heading towards overbought territory.
Recommendation
The recommendation will be to go long at market. Stop loss will be set around the 1808 price level and a target of 1830. This produces a risk-reward ratio of 1.31.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in Gold.
Trade closed: target reached:
Trade Idea Closed.
Recommendation will be to move stop to break even and monitor for a change in Trend.
Recommendation will be to move stop to break even and monitor for a change in Trend.
