Gold: Trade Opportunities at 1900$ Support

The price reached the support zone formed by 1900.00$ support level and the daily uptrend line. We can expect that the price bounces from this zone and we will get an upward movement to the daily downtrend line and 1920.80$ resistance. The price reversal from the support zone can be used for buying. The same goes for a situation if we get a fake breakout. Stop orders for both long trades must be placed below the local swing lows. The profit target is the resistance zone at 1920.80$,

If the price breaks the support zone, it will be a bearish signal. We will be able to search for a trade opportunity for shorting. But it will be better to use a reversal signal after retesting a new resistance at 1900.00$ and only after that open short trades.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.

Comment:

Move stop orders to the breakeven!