Gold Analysis and Trade Idea for 28-09-2022

28 set 2022

Perfect Opportunity to catch a LH. As per last day and 4H candle the metal is struggling to break $1620.00 support level Gold price is displaying a dull performance as investors have sidelined ahead of the speech from Fed chair Jerome Powell. The precious metal is juggling around $1,625.00 after a modest decline from the critical hurdle of $1640.00. Well All indicators show that gold can test $1600.00 but if last day's candle, strong support at $1620.00 and 4H candle graph indicates to take a long entry for today from $1625.00 where gold can test again $1640.00. Idea is mixed and 60%-70% chances to go according to plan. While I place SL below the Support at $1618.00 and a sell stop as well on $1618.00 level.

Plan 1.
Buy: 1625.00
SL: 1618.00
TP1:1638.00
TP2:1646.00
TP3: 1656.00

Plan 2.
Sell Stop: 1618.00
SL: 1640.00
TP1:1611.00
TP2:1607.00
TP3: 1600.00