Potential setups on gold
Currently seeing gold trade Bullish as per our previous trade. (check previous idea)
Looking at gold I see 2 potential setups.
1) Gold Buys (Negative) FOMC News
Gold tests between 1947-1950 again then continues bullish heading towards Target 1, with a closure above 1960. once we see this setup we can expect price to continue up towards 1973 with a final target of 1980+
Potential Trade: Buy at 1947-1950 with a tight stop (follow your own risk management) with targets above.
2)Gold Sells (Positive FOMC) News
Gold Tests 1960 again then heads down south bearish towards 1945. once a closure bellow 50 is established we can see gold head towards target -1. Once we break through target 1 with a closure we can see price test 1930-1933.
Remember during news we can expect high volume and spikes both ways.
Please Trade safe and follow strict risk management.
Looking at gold I see 2 potential setups.
1) Gold Buys (Negative) FOMC News
Gold tests between 1947-1950 again then continues bullish heading towards Target 1, with a closure above 1960. once we see this setup we can expect price to continue up towards 1973 with a final target of 1980+
Potential Trade: Buy at 1947-1950 with a tight stop (follow your own risk management) with targets above.
2)Gold Sells (Positive FOMC) News
Gold Tests 1960 again then heads down south bearish towards 1945. once a closure bellow 50 is established we can see gold head towards target -1. Once we break through target 1 with a closure we can see price test 1930-1933.
Remember during news we can expect high volume and spikes both ways.
Please Trade safe and follow strict risk management.
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