Gold Analysis and Trading Plan March 14, 2024 By PapaFinanceTalk
Gold Analysis and Trading Plan: March 14, 2024
By PapaFinanceTalk
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Technical Analysis:
- Gold Price Rebound: After yesterday's decline, gold price rebounded to the 61.8% Fibonacci retracement level at approximately 2177.
- Fibonacci and Descending Triangle: This level coincides with the previous support zone of the Descending Triangle pattern on the left side of the historical price chart.
- Downtrend: In the smaller timeframe, the price has formed lower highs, confirming the downtrend.
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Potential Price Target:
- Demand Zone: There is a possibility that the price will retrace to the 2165 Demand Zone, which is a critical support area, and consolidate before continuing its descent.
- Lower Support: The next support level is located at 2155.
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Economic Data:
- Attention to the economic data to be released tonight, including US Producer Price Index (PPI), Initial Jobless Claims, and February Retail Sales.
- The US dollar may strengthen in response to this data, which could potentially impact gold prices.
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Trading Strategy:
- Follow Sell: Follow the markets the price has formed lower highs, confirming the downtrend.
- Wait for Confirmation: Wait for confirmation of the downtrend by observing a break below the 2165 Demand Zone.
- Short Sell: If the price breaks below 2165, consider a short sell position with a target of 2155.
- Stop-Loss: Place a stop-loss above the 2177 resistance level.
_________________________________
Risk Management:
- Trailing Stop-Loss: Use a trailing stop-loss to protect profits and manage risk.
- Position Sizing: Adjust position size according to risk tolerance and account size.
_________________________________
Disclaimer:
This analysis is for informational purposes only and should not be considered as investment advice. Always conduct your own research and consult with a financial professional before making any investment decisions.
By PapaFinanceTalk
_________________________________
Technical Analysis:
- Gold Price Rebound: After yesterday's decline, gold price rebounded to the 61.8% Fibonacci retracement level at approximately 2177.
- Fibonacci and Descending Triangle: This level coincides with the previous support zone of the Descending Triangle pattern on the left side of the historical price chart.
- Downtrend: In the smaller timeframe, the price has formed lower highs, confirming the downtrend.
_________________________________
Potential Price Target:
- Demand Zone: There is a possibility that the price will retrace to the 2165 Demand Zone, which is a critical support area, and consolidate before continuing its descent.
- Lower Support: The next support level is located at 2155.
_________________________________
Economic Data:
- Attention to the economic data to be released tonight, including US Producer Price Index (PPI), Initial Jobless Claims, and February Retail Sales.
- The US dollar may strengthen in response to this data, which could potentially impact gold prices.
_________________________________
Trading Strategy:
- Follow Sell: Follow the markets the price has formed lower highs, confirming the downtrend.
- Wait for Confirmation: Wait for confirmation of the downtrend by observing a break below the 2165 Demand Zone.
- Short Sell: If the price breaks below 2165, consider a short sell position with a target of 2155.
- Stop-Loss: Place a stop-loss above the 2177 resistance level.
_________________________________
Risk Management:
- Trailing Stop-Loss: Use a trailing stop-loss to protect profits and manage risk.
- Position Sizing: Adjust position size according to risk tolerance and account size.
_________________________________
Disclaimer:
This analysis is for informational purposes only and should not be considered as investment advice. Always conduct your own research and consult with a financial professional before making any investment decisions.
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📊Free Telegram Channel: t.me/papafinancetalk
✅Contact: t.me/+cA4oFt-IaV9hZTk1
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.
>> Join me, I'll guide you to PROFITABLE TRADING💵!
📊Free Telegram Channel: t.me/papafinancetalk
✅Contact: t.me/+cA4oFt-IaV9hZTk1
📊Free Telegram Channel: t.me/papafinancetalk
✅Contact: t.me/+cA4oFt-IaV9hZTk1
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.