Gold: New Trading Plan

I wrote a lot about the Gold markets, and I added the old posts to this one just in order to provide you the opportunity to see the whole picture.

Yesterday, I wrote about the sell opportunity from the resistance zone. For me, the downward movement looked more interesting as the daily timeframe provides us good bearish signals. But this night, the market formed a new swing low, which is higher than the previous one. It tells us that the market can try to break 1558.00 resistance and moves upward after that. We will get a new swing high, which will be higher than the previous one. It will confirm the continuation of the uptrend.

If so, it is possible to buy following a breakout signal. Stop orders for such trades must be placed below 1546.50 level. The market gives us a possible buy opportunity, but I would like to skip it. The main reason is, in this market I would like to follow the higher timeframe signals. For me, the market keeps the potential to move downward.

If you have another point of view, please, share in comments supporting your trading plan by arguments. Let's discuss it!



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.