Strong Bullish Signal:
Gold showed a confident growth supported by increased volume and is currently trading near the local maximum.
Volume Zones:
We need to point out the crucial resistance level/local high 1320.00.
Sentiment:
This indicator shows that 62% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img923/8454/R9q7LF.png
Consider Long Positions:
Given all these factors, we may reckon long positions. We may open purchases only after the keen breakout of the resistance level. The move must be supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 150 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
Gold showed a confident growth supported by increased volume and is currently trading near the local maximum.
Volume Zones:
We need to point out the crucial resistance level/local high 1320.00.
Sentiment:
This indicator shows that 62% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
https://imagizer.imageshack.com/img923/8454/R9q7LF.png
Consider Long Positions:
Given all these factors, we may reckon long positions. We may open purchases only after the keen breakout of the resistance level. The move must be supported by the large volume, which will be a more reliable signal for entering the market. A stop loss may be placed below the breakout volume bar.
Profit Potential:
More than 150 points.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
