Gold- Where to buy for low risk high reward trade?
As I said yesterday, Gold reversed strongly after the 1615 low and once it got back above the 1680 and above 1700 figure, is very probable that we have a false break in place and Gold is resuming its long-term ascending trend.
Now the price is hovering around 1710 and, as a swing trader, I don't see much to do.
However, considering my assumption is correct and a long-term reversal is in sight, we can have a good buying opportunity for the next days and weeks.
As we can see from the posted chart, under 1700 to 1690 is a strong buying zone and here we can search for a buy entry.
Also, a buy, let's say around 1690, can have a great R: R for swing traders that target the 1800 zone.
1. A more conservative trader can set his/her SL under 1650 for 1:3 risk to rewards
2. A more aggressive trader can have a tight SL, under 1680 and the result is an R: R of 1:8!!!
Best Regards!
Mihai Iacob
My Previous Gold analysis:
Now the price is hovering around 1710 and, as a swing trader, I don't see much to do.
However, considering my assumption is correct and a long-term reversal is in sight, we can have a good buying opportunity for the next days and weeks.
As we can see from the posted chart, under 1700 to 1690 is a strong buying zone and here we can search for a buy entry.
Also, a buy, let's say around 1690, can have a great R: R for swing traders that target the 1800 zone.
1. A more conservative trader can set his/her SL under 1650 for 1:3 risk to rewards
2. A more aggressive trader can have a tight SL, under 1680 and the result is an R: R of 1:8!!!
Best Regards!
Mihai Iacob
My Previous Gold analysis:
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