On Daily chart a Hammer formed on Friday Nov 20th.
TRADE OBSERVATION (Short term - warning it is countertrend)
Firstly - Monday (Nov 23rd) price must trade below Friday's close < 1664
Secondly - After trading below 1664, price must trade through/above 1664 before long entry is initiated.
Entry only valid once 1 & 2 materialized.
Entry > 1665
Stop < 1611 i.e Friday's low (preferably < 1600 to allow wiggle room)
1st Target around 1750 - monitor price movement before deciding to exit or hold
2nd Target around 1850 - monitor price
MORE RISKY TRADE
Buy Monday's open with stop < 1600
GOLD PRICE
Currently the Gold price is moving sideways & must remain > 1845 or gold producers' share prices will move lower
If Gold gets a bounce upwards, the DRD trade could convert into a longer term trade
TRADE OBSERVATION (Short term - warning it is countertrend)
Firstly - Monday (Nov 23rd) price must trade below Friday's close < 1664
Secondly - After trading below 1664, price must trade through/above 1664 before long entry is initiated.
Entry only valid once 1 & 2 materialized.
Entry > 1665
Stop < 1611 i.e Friday's low (preferably < 1600 to allow wiggle room)
1st Target around 1750 - monitor price movement before deciding to exit or hold
2nd Target around 1850 - monitor price
MORE RISKY TRADE
Buy Monday's open with stop < 1600
GOLD PRICE
Currently the Gold price is moving sideways & must remain > 1845 or gold producers' share prices will move lower
If Gold gets a bounce upwards, the DRD trade could convert into a longer term trade
Order cancelled:
Today's price opened above Friday's close and trade was not initiated