Good Day Everyone
Here's a long idea on the GOLD provided the metal holds the ascending channel we are currently trading in.
some fundamentals from DAILY FX - link attached
GOLD PRICES LONG-TERM: STILL OVERBOUGHT
Taking a step back to get some context and Gold prices remain in an overbought state on the monthly chart, largely owed the prolonged up-trend that’s helped to propel prices into this area on the chart. As discussed previously, the 1742.50 level was big, as this is the 14.4% Fibonacci retracement of the post-Financial Collapse move and, for two months, helped to set resistance in Gold. The notable exception during that two-month-range was the high set in mid-May, when Gold prices quickly broke out after the weekly open.
But, as looked previously, that bullish drive was largely emanating from an interview that FOMC Chair Jerome Powell had on the US television program 60 Minutes, in which he said that there was ‘no limit’ to what the Fed could do with the liquidity programs available to them. This breakout-fake out scenario is shown in Green on the below chart, as price action merely reverted right back into the range.
GOLD EIGHT-HOUR PRICE CHART
https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/07/01/Gold-Price-Outlook-JS-Gold-Breakout-to-Fresh-Highs-Begins-to-Pull-Back.html
___________________________________________________________________________________________________________________________
ENTRY & SL KINDLY FOLLOW YOUR RULES
RISK-MANAGEMENT
PERIOD - DAY TRADE
TARGETS - MARKED
___________________________________________________________________________________________________________________________
If you like the idea kindly leave a like and a follow will definitely follow back and leave your idea & Comment on the pair in the comment section. APPRECIATE IT
Here's a long idea on the GOLD provided the metal holds the ascending channel we are currently trading in.
some fundamentals from DAILY FX - link attached
GOLD PRICES LONG-TERM: STILL OVERBOUGHT
Taking a step back to get some context and Gold prices remain in an overbought state on the monthly chart, largely owed the prolonged up-trend that’s helped to propel prices into this area on the chart. As discussed previously, the 1742.50 level was big, as this is the 14.4% Fibonacci retracement of the post-Financial Collapse move and, for two months, helped to set resistance in Gold. The notable exception during that two-month-range was the high set in mid-May, when Gold prices quickly broke out after the weekly open.
But, as looked previously, that bullish drive was largely emanating from an interview that FOMC Chair Jerome Powell had on the US television program 60 Minutes, in which he said that there was ‘no limit’ to what the Fed could do with the liquidity programs available to them. This breakout-fake out scenario is shown in Green on the below chart, as price action merely reverted right back into the range.
GOLD EIGHT-HOUR PRICE CHART
https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/07/01/Gold-Price-Outlook-JS-Gold-Breakout-to-Fresh-Highs-Begins-to-Pull-Back.html
___________________________________________________________________________________________________________________________
ENTRY & SL KINDLY FOLLOW YOUR RULES
RISK-MANAGEMENT
PERIOD - DAY TRADE
TARGETS - MARKED
___________________________________________________________________________________________________________________________
If you like the idea kindly leave a like and a follow will definitely follow back and leave your idea & Comment on the pair in the comment section. APPRECIATE IT
Trade fechado: objetivo atingido
