Gold A descending triangle is drawn, with further breakdown of the support level Review of previous trade: - Gold successfully exited the triangle as expected. - The trade worked out perfectly, bringing the expected profit.
Current Situation: - Gold has now formed a “flag” pattern indicating the continuation of the upward movement. - The height of the flag coincides perfectly with the strong resistance level at $2658, making this a key target.
New trade parameters: - Entry point: on breakdown of the upper boundary of the flag. - Target: $2658 (resistance level). - Stop loss: hidden behind the flag boundary at $2618 to minimize risk. - Risk/reward ratio: 1/4 - a low-risk trade with high potential return.
Recommendations: - Wait for a confident breakdown of the flag before entering the trade. - Control the position volume to comply with risk management rules. - Follow market news that may affect the movement of gold.
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