GOLD price movement predictionBased on CMP (current market price), the gold price has tendency to go down again to a very significant zone 1754.87-1751.17. If we can see to the left of CMP, this zone is significant due to its strong resistance. The price tested several times at this zone before and failed, thus pullback to its support zone and once its breakout from this zone, the price significantly rally in bullish trend.
TRADING PLAN:
1: Scalper: Buy at yellow zone, Sell after breakout
2: Swinger: Sell position due to Daily timeframe trend
To see the big movement in Daily timeframe, the price is in downtrend, thus to be safe, we are most probably looking for sell if we are a swinger trader.
But as me as a scalper, at the yellow zone, most probably we can find buy position in a short time and its safe that we can get 20-40 pips from the entry zone. And after the price breakout from the zone, we will find entry point for sell.
Bear in mind the zone made is at H4 timeframe, and the best to monitor is the H4 candle because there might be false breakout in the smaller timeframe
But be extra careful because the zone is vey significant, and with gold volatility, most of its movement is unpredictable.
Once again, manage your trading plan wisely.
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Good luck and all the best everyone.
-EraBiru, HXF Academy-
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