On Friday 21t March gold re tested 3k USD level which is a major psychological and physical support level. The momentum is clearly to the upside however drastic news releases and economic tension are promoting sellers to enter the market. By encouraging and rewarding short sellers the opposite may occur in which short sellers are drastically and suddenly taken out of the market. I do believe gold tops out somewhere above $3100 , when that will be or if that will be is yet to be seen and is dependant on a lot of major political and economic variables. (War in Ukraine, War in Gaza, Trump tarrif's etc)
This trade utilises the fibonacci re tracement while also factoring that when gold drops on a Friday typically (if the uptrend is to continue) then the market will gap up upon market open on Monday.
Key levels:
Entry:
- Majority of entry points around 3022 - 3025
- BUY orders also set all the way down to 3018
Stop Loss:
- 3015 is the stop loss for this trade
(I have found that anything beyond a $10 SL is too much using leverage when trading gold. If I got it that wrong then I will happily bow out and take the loss after $10 move in the opposite of my desired direction)
Take Profit:
- 3075 up to 3085 will be major TP levels
- As the market will be anticipating the last push to $3100 so I believe we will see some volatility in the final move up to $3100
This trade utilises the fibonacci re tracement while also factoring that when gold drops on a Friday typically (if the uptrend is to continue) then the market will gap up upon market open on Monday.
Key levels:
Entry:
- Majority of entry points around 3022 - 3025
- BUY orders also set all the way down to 3018
Stop Loss:
- 3015 is the stop loss for this trade
(I have found that anything beyond a $10 SL is too much using leverage when trading gold. If I got it that wrong then I will happily bow out and take the loss after $10 move in the opposite of my desired direction)
Take Profit:
- 3075 up to 3085 will be major TP levels
- As the market will be anticipating the last push to $3100 so I believe we will see some volatility in the final move up to $3100
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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.