Gold Will Shine Or Fade?
Updated
Hi friends, Sharing an trading idea on Commodity Gold futures on daily chart as we can see that after hitting all time of 61800 levels all the way it came down 57900 (considering strong support) levels and took support there and resume rally again to 60000 levels with created a double top on this chart.
So currently it is trading near to that support and seems that price want to touch that support again so once it will reach there we can see two things it breaks the support or bounce from support for targets for both situations marked on chart stop loss must be a close above or below from support in opposite direction of trade on daily candle closing basis.
RSI indicator used below on chart for getting a better synchronization, that what can happen break or bounce. One can use own time frame for tracking this idea
There must be a logic behind every trade, because trading on logics is always better than trading on speculations. Good luck happy trading Best regards.
This is not and trade or investment advice. This idea is meant for learning only.
So currently it is trading near to that support and seems that price want to touch that support again so once it will reach there we can see two things it breaks the support or bounce from support for targets for both situations marked on chart stop loss must be a close above or below from support in opposite direction of trade on daily candle closing basis.
RSI indicator used below on chart for getting a better synchronization, that what can happen break or bounce. One can use own time frame for tracking this idea
There must be a logic behind every trade, because trading on logics is always better than trading on speculations. Good luck happy trading Best regards.
This is not and trade or investment advice. This idea is meant for learning only.
Trade closed: target reached
Traget marked below reached after support breached, will publish a new idea on Gold this one is closing completly
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