Gold's analysis - 24 Oct 2024
2732 acts as an important level today & if price stays below this level then we expect it to hit our target profit at 2713.5.
If price breaks above 2732 then it should hit 2742.5.
Below is our recommendation;
Trade 1 (Risk 0.5% of your account size);
Sell Gold @ 2727
Stop Loss @ 2732
Take Profit @ 2713.5
Trade 2 (Risk 1% of your account size);
Buy Stop Gold @ 2732
Stop Loss @ 2727
Take Profit @ 2742.5
*Total risk is 1.5%, In case Trade 1 hits target profit then Trade 2 order must be deleted.
If price breaks above 2732 then it should hit 2742.5.
Below is our recommendation;
Trade 1 (Risk 0.5% of your account size);
Sell Gold @ 2727
Stop Loss @ 2732
Take Profit @ 2713.5
Trade 2 (Risk 1% of your account size);
Buy Stop Gold @ 2732
Stop Loss @ 2727
Take Profit @ 2742.5
*Total risk is 1.5%, In case Trade 1 hits target profit then Trade 2 order must be deleted.
Trade active
Trade 1 is activeTrade closed: stop reached
Trade 1 hit stop loss levelTrade active
Trade 2 is activeTrade closed manually
Trade 2 closed manually at 2738 as there is a resistance where price could potentially reverse.
Net profit + 700 pips
Note
Our trade 2 initial take profit level was spot on, gold reached a high of 2743.28.
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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.