Long for Gold - An increase up to $1960.
After the FED meeting, gold, which had risen up to the 100-day moving average, experienced a sharp decline. The price is still outside of the downward channel it broke. On the H1 chart, the 21-period RSI has received an upward reaction from the overbought zone. It still appears technically possible for it to continue its rise towards the 1960 level.
Additionally, if you look at the D1 Silver chart, you can see that silver had a fantastic rally today. It is possible that gold may correct the disruption in its correlation with silver tomorrow.
Divide your trading volume into three and open three different positions. Set the stop-loss level for all three trades at 1911.0. You can adjust the take profit levels as follows for short-term, medium-term, and long-term expectations. When the price reaches the first take profit level and closes, move the stop-loss level of the remaining 2 trades slightly above the opening price of the trades to eliminate your risk.
Take Profit 1: 1929.5
Take Profit 2: 1936.0
Take Profit 3: 1959.0
Additionally, if you look at the D1 Silver chart, you can see that silver had a fantastic rally today. It is possible that gold may correct the disruption in its correlation with silver tomorrow.
Divide your trading volume into three and open three different positions. Set the stop-loss level for all three trades at 1911.0. You can adjust the take profit levels as follows for short-term, medium-term, and long-term expectations. When the price reaches the first take profit level and closes, move the stop-loss level of the remaining 2 trades slightly above the opening price of the trades to eliminate your risk.
Take Profit 1: 1929.5
Take Profit 2: 1936.0
Take Profit 3: 1959.0
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