Gold: Buying Opportunity with 2075.00$ Target
The price broke the upper line of the triangle chart pattern. From TA point of view, we got a bullish signal. The breakout signal can be used for buying if we build a model where the market is going to continue the uptrend. It makes sense and we can search for the exact entry point using the local swing highs in the hourly charts. Stop orders for all long trades should be placed below 1910.00$ and take-profit orders at 2075.00$ resistance.
If buyers can't push the price up, probably we will have to think about shorting. If the price breaks the local support zone formed by SMA20, SMA50, and the uptrend line, it will be a solid bearish signal. Stop orders for short trades should be placed above the local swing high. The profit target will be SMA200 in the daily chart.
And what do you think about the next movement? Will it be upward or downward? Share your ideas in the comments!
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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If buyers can't push the price up, probably we will have to think about shorting. If the price breaks the local support zone formed by SMA20, SMA50, and the uptrend line, it will be a solid bearish signal. Stop orders for short trades should be placed above the local swing high. The profit target will be SMA200 in the daily chart.
And what do you think about the next movement? Will it be upward or downward? Share your ideas in the comments!
If you like my work, please support this post by smashing the LIKE button.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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