Gold rallied up to as high as 1923 on August 25, 2023, but has since pulled back to 1915. The price is currently testing the support level of 1905. If the price breaks this support level, it could fall to 1890 or lower. However, if the price holds above 1905 , it could resume its uptrend and reach the target of 1935.
A long trade could be initiated with a stop loss order below 1905 USD/oz. The target profit could be set at 1935.
Risks:
The main risk to this trade is that the price could break below the support level of 1905. In this case, the stop loss order would be triggered and the trade would be closed at a loss.
The current technicals suggest that gold is in a bullish trend. However, there is a risk that the price could pull back to test the support level of 1905 USD/oz. A long trade could be initiated with a stop loss order below this level.
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Comment:
Getting close to the target
Trade closed: target reached:
Target reached.