GOLD Long on Support, positioning for US Inflation numbers
Hello, we have a very nice opportunity in Gold, next week CPI numbers will shake markets and the expectations are to confirm increasing inflation. Inflation is right now the only thing that matters as it's making bond yields to climb and SPX to crash. This means money is in risk-on mode plus inflation is picking up, so it's moving to assets that can protect value in an inflationary world like Gold.
We have this really nice combination of uptrend forming, price has started to make higher highs and higher lows and it's trading at a discount price near 1318 which is a strong level of support.
Also we have this pitchfork that looks really well, and price is respecting the inner parallels really well.
We have a potential RR of 3.3 to 1 on this one, so it's a trade worth taking.
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We have this really nice combination of uptrend forming, price has started to make higher highs and higher lows and it's trading at a discount price near 1318 which is a strong level of support.
Also we have this pitchfork that looks really well, and price is respecting the inner parallels really well.
We have a potential RR of 3.3 to 1 on this one, so it's a trade worth taking.
If you like, hit the like button and subscribe.
Comment:
Risk off mode, sorry for the confusion.
Trade closed manually:
Closed after NFP , trading conditions have changed, more rate hikes expected this year so the MT swing will have to wait a little bit until they are fully priced
Closing point: +75
Closing point: +75