Here is our analysis on Gold
RECAP:
In our previous analysis Gold was trading at $1751
We expected the pair to try and test previous support/resistance at $1765
The pair however struggled to continue its upward movement
We noted that if the pair struggles or rejects this upward movement it will go back to last weeks lows of $1717
And this is exactly what the pair did.
Gold hit lows of $1707 triggering our Sell order at $1740 and hitting our TP at $1730
banking 200 pips over 20 positions on the pair.
WHAT TO EXPECT:
We still expect Gold to be bullish long term
But short term bearish
Gold might attempt to test June 2020 support level at $1685 before going back to the $1800
Or Gold might continue being bullish from here onwards and test resistance at $1765
Last week COT report shows 19k longs closed & 230 shorts closed
keep an eye on DXY & US10Y
OUR POSITIONS: (monitor entries)
Currently @: $1720
Buy Stop @: $1730
Buy Stop TP @: $1740
Buy Stop TP 2 @: $1760
Sell Stop @: $1700
Sell Stop TP @: $1690
Link to our previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
RECAP:
In our previous analysis Gold was trading at $1751
We expected the pair to try and test previous support/resistance at $1765
The pair however struggled to continue its upward movement
We noted that if the pair struggles or rejects this upward movement it will go back to last weeks lows of $1717
And this is exactly what the pair did.
Gold hit lows of $1707 triggering our Sell order at $1740 and hitting our TP at $1730
banking 200 pips over 20 positions on the pair.
WHAT TO EXPECT:
We still expect Gold to be bullish long term
But short term bearish
Gold might attempt to test June 2020 support level at $1685 before going back to the $1800
Or Gold might continue being bullish from here onwards and test resistance at $1765
Last week COT report shows 19k longs closed & 230 shorts closed
keep an eye on DXY & US10Y
OUR POSITIONS: (monitor entries)
Currently @: $1720
Buy Stop @: $1730
Buy Stop TP @: $1740
Buy Stop TP 2 @: $1760
Sell Stop @: $1700
Sell Stop TP @: $1690
Link to our previous analysis below
Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
