Another Gold Trade on the 4 Hour Chart Presents Itself
A follow up on the gold trade which concluded when it hit 1207. Now, another trade presents itself. Looking at targets of 1220, 1230 and 1260 for this trade.
Comment:
Gold hitting trendline resistance in green. Taking some profit here is not a bad idea. Gold poised to hit 1218-1220.
Comment:
Gold hit 1218 and has retreated. Trade is closed for now. Fresh longs on successful test of 1200. Looking also for gold to bounce off the orange trend line.
Comment:
Gold has now retraced to the support trend line in orange. Long here with a small position is possible. Stop at 1197. My ideal trade setup is around 1192-1195 on a bounce off trend line support in blue.
Comment:
Gold hit the orange trendline resistance and fell back like clockwork. A push above the orange trendline will see gold hitting 1230. For now, I would like to see gold taking out 1220 in the first few trading days of the next week. Stop loss for existing long positions set at 1199.
Comment:
Gold set to take 1220 out. 1226-1227 next target as long as it stays above orange trend line.
Comment:
Gold hit 1219 and retreated. As long as blue trend line support holds, look for gold to advance to 1226 - 1227. Adding to gold longs and stop at 1208.
