Gold is retesting the trend line that was broken down when gold dropped to 1330 support level. Currently this support at 1330 holds and gold is re-bouncing to 1340-ish. If gold manages to close above the trend line, it will be a bullish signal. If not, gold will likely drop further to the next support level at 1310. You can see the resistance area (red) is around 1342-1345. While the support zone (yellow) is around 1307-1310. I believe the downtrend will continue if gold can't hold above 1350. Here is my trade plan:
- Sell limit at 1343.
- Stop loss above 1350 (on daily close)
- Take profit at 1310.
Stay Tuned !
- Sell limit at 1343.
- Stop loss above 1350 (on daily close)
- Take profit at 1310.
Stay Tuned !
Trade ist aktiv:
Order was hit at 1343. If today price closes above 1350, I will exit with a small loss.
If today price closes under 1345, it would signal that price tries hard to climb back to the trend line but failed.