Hey Traders so today we are looking at the Gold Market with strong uptrend intact. So the main question is where to from here?
Well resistance now at $3500 so the market could test that level, pause or breakthrough.
I think that right now though best place to buy in would be at support $3300.
Why this level?
It is the 23% Fibonacci support level and the market has not broken it yet. So seems to want to stay above it.
Seasonally Gold begins higher prices also in July/August Indian Wedding Season etc.
So if you bullish wait for market to test $3300 and aggressive would be to buy at soon as it hits it.
Conservative entry would be wait for bounce off $3300 the buy it.
Stop loss $3230 or lower maybe $3200 remember we must give the market room to Breathe.
If your bearish be careful this uptrend is very strong I would not consider shorting at this time.
Always use Risk Management!
(Just in case your wrong in your analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
Well resistance now at $3500 so the market could test that level, pause or breakthrough.
I think that right now though best place to buy in would be at support $3300.
Why this level?
It is the 23% Fibonacci support level and the market has not broken it yet. So seems to want to stay above it.
Seasonally Gold begins higher prices also in July/August Indian Wedding Season etc.
So if you bullish wait for market to test $3300 and aggressive would be to buy at soon as it hits it.
Conservative entry would be wait for bounce off $3300 the buy it.
Stop loss $3230 or lower maybe $3200 remember we must give the market room to Breathe.
If your bearish be careful this uptrend is very strong I would not consider shorting at this time.
Always use Risk Management!
(Just in case your wrong in your analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
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.
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.