Bullish Gold Broke Through First Resistance

In these uncertain times, it always feels good buying gold. Now that global markets have been in such a positive rally, gold has risen in price as well.

For this trade, I propose a simple set up. We will try to monetize the bullish scenario, where we assume the trend will keep pushing the price up, perhaps with a small retracement inbetween towards a newly found support zone. We place the stop loss directly below the support zone, and the take profit directly below the second level resistance zone.

I normally trade more on trend reversals, but noticed that in forex trading along with the trend tends to work slightly better. In cryptocurrency trading however, the reversals seem to be more effective so far.

I will use a similar idea to my other trade for EURUSD
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- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!