Gold in consolidation mode before next big move
Hello Traders!!! Hope you are doing well.
As I am seeing gold at this stage is trying to consolidate above 1800 levels. The last time at this levels was in 2011 when the price was coming down from the maximum and never got passed these levels again, so it is a strong resistance.
On short term you can trade this channel by selling from the top with 10-15 dollars take profit and buy from the bottom with the same profits. For bigger movements wait for the price to break above or bellow the channel shown on the chart and then trade the direction.
How I am trading gold at this stage is sell from the top of the range. I see better risk to reward ratio by selling the tops but this is my opinion.
Share your thoughts and ideas in the comment section. Let's grow together!!!
Good luck out there.
As I am seeing gold at this stage is trying to consolidate above 1800 levels. The last time at this levels was in 2011 when the price was coming down from the maximum and never got passed these levels again, so it is a strong resistance.
On short term you can trade this channel by selling from the top with 10-15 dollars take profit and buy from the bottom with the same profits. For bigger movements wait for the price to break above or bellow the channel shown on the chart and then trade the direction.
How I am trading gold at this stage is sell from the top of the range. I see better risk to reward ratio by selling the tops but this is my opinion.
Share your thoughts and ideas in the comment section. Let's grow together!!!
Good luck out there.
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.