Hey Traders so looking at Gold right now seems like we are consolidating at 3310 looking for direction. However I think the trend is still up because if you look close at support levels 3240 it has rejected that level twice.
Of course markets can flip on a dime when something unpredictable happens in this tariff driven environment so we still need to be cautious.
Seasonally Gold Rises in the Summer from a historical standpoint. But watch out to see what happens at todays FED meeting.
So if your Bullish this is the place to buy cautiously consider small position on an aggressive entry and put stop below 3230 which looks like it could be good level.
Or if conservative wait until after FED meeting to see how market reacts off this level and they buy again on a pullback if market reacts positive.
However if Bearish I would wait for a daily close and break below 3215 or 3200 before considering selling.
Good Luck & Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
Of course markets can flip on a dime when something unpredictable happens in this tariff driven environment so we still need to be cautious.
Seasonally Gold Rises in the Summer from a historical standpoint. But watch out to see what happens at todays FED meeting.
So if your Bullish this is the place to buy cautiously consider small position on an aggressive entry and put stop below 3230 which looks like it could be good level.
Or if conservative wait until after FED meeting to see how market reacts off this level and they buy again on a pullback if market reacts positive.
However if Bearish I would wait for a daily close and break below 3215 or 3200 before considering selling.
Good Luck & Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.