Here is what to expect on Gold
RECAP:
In our previous analysis Gold was trading at $1720
We were bullish on the pair but cautioned that some downward movement might have still been possible
We had Buy Stop orders open at $1730 which was triggered by the pair
but did not immediately hit our TP forcing us to bank profits @ $1733 & opening new buy orders @ $1725
The pair then hit our TP at $1740 enabling us to bank a total of 360 pips over 20 positions on the pair.
WHAT TO EXPECT:
Currently at $1719
Gold is still bullish long term
But short term we expect it to be bearish
Descending triangle formed on the 1H chart
The pair might attempt to hit the support level at $1685 before a reversal
If the pair continues its current uptrend we expect it to test resistance @ $1750
US10Y is bullish at the moment (keep an eye on this)
OUR POSITIONS:
Still the same as our last positions (see previous analysis)
link to previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
RECAP:
In our previous analysis Gold was trading at $1720
We were bullish on the pair but cautioned that some downward movement might have still been possible
We had Buy Stop orders open at $1730 which was triggered by the pair
but did not immediately hit our TP forcing us to bank profits @ $1733 & opening new buy orders @ $1725
The pair then hit our TP at $1740 enabling us to bank a total of 360 pips over 20 positions on the pair.
WHAT TO EXPECT:
Currently at $1719
Gold is still bullish long term
But short term we expect it to be bearish
Descending triangle formed on the 1H chart
The pair might attempt to hit the support level at $1685 before a reversal
If the pair continues its current uptrend we expect it to test resistance @ $1750
US10Y is bullish at the moment (keep an eye on this)
OUR POSITIONS:
Still the same as our last positions (see previous analysis)
link to previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
