Hey folks! Hats off for the people who hold SHORT from the 1930 - 1945 position!
Referring to the chart that we posted last week, Gold briefly brushed our resistance level at 1970 before resuming its bearish trajectory. The price range that we are seeing between 1800 and 1815 does not present itself as a solid support zone at this time. We need to see multiple retests before we can consider establishing a LONG position. Thus, it is imperative for us to exercise again our patience.
Gold offers massive opportunities for substantial profits, but it can also consume you if you cannot restrain your own Mammon (Demon of Greed). Therefore, it is crucial to emphasize the significance of PATIENCE in trading.
BUY NOW?
Most likely the answer is NOT YET! as the market appears to continue within the range between 1800 -1750 or possibly even lower! And we need to make sure that the BEAR is satisfied before putting a buy position.
BTW! 2024 is year of the Dragon! :)
Referring to the chart that we posted last week, Gold briefly brushed our resistance level at 1970 before resuming its bearish trajectory. The price range that we are seeing between 1800 and 1815 does not present itself as a solid support zone at this time. We need to see multiple retests before we can consider establishing a LONG position. Thus, it is imperative for us to exercise again our patience.
Gold offers massive opportunities for substantial profits, but it can also consume you if you cannot restrain your own Mammon (Demon of Greed). Therefore, it is crucial to emphasize the significance of PATIENCE in trading.
BUY NOW?
Most likely the answer is NOT YET! as the market appears to continue within the range between 1800 -1750 or possibly even lower! And we need to make sure that the BEAR is satisfied before putting a buy position.
BTW! 2024 is year of the Dragon! :)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.