Israels ground attack should push the gold price over 2000

According to the President of Israel, a ground attack in Gaza is about to start soon. The gold price has shown bullish behavior several times on speculations of a possible ground attack, which could lead to a new level of escalation.

Gold corrected more than 40 points after reaching the recent peak at 1997, and I assume that the 4th wave low is in at 1953.

The key resistance price levels are 2000, 2020 and 2038.

Trade active:

Finally israel announced the ground attack for tonight. Because of the weekend I took some profits at 2000. There is a high possibility of open with a gap on monday.

Trade active:

The ground attack didn't have the impact to stabilize Gold over the 2000 level, because there was not much reaction from Israels enemies. The picture still looks bullish, but there is a higher possibility of a deeper correction.

Think about reducing risk, as there is NFP data tomorrow.

Trade active:

NFP and other data came out to be negative for the USD. The trading plan is still valid. It's tricky to find a nice re-entry as gold is not able to overcome the level of 2008 at the moment, which is very close to the TP area. If you want to join the trade you could buy dips.

Order cancelled:

Szenario got invalidated. The fundamentals were not strong enough to stabilize the price above the important level of 2000. There is no clear structure in the market, so I would suggest to stay away at the moment.
The short term trend is short, but we could see a bullish reaction from this Level (1933).

Comment:

There is a high chance of reaching the TP Zone, if gold is able to close above 1975-1980 with a daily candle.

Comment:

New key area is 1993 to overcome for further bullish movement.

Trade closed: target reached:

Target finally reached. Didn't see that deep pullback coming, but it can happen. Closing the idea now.