Good day risk takers, As we can see from the left of the daily chart for GOLD the yellow metal moves in a somewhat predictable fashion in that every time before a big move happens like anything beyond 200 pips there is that one candle stick at the beginning of that big move. I made boxes to show how this happens, the characteristics of the candle are that their wick/shadow hit a new low or high for bullish and bearish moves respectively. This is more of a sellers or buyers trap to capture those who got excited about the market continuing. Today (04 April 2019) we saw XAUUSD reach a new low of 1280, a 4 week low and very important psychological level for a reversal.
A long trade with entry at current market price with stop loss at about 1275 and first take profit at 1314 and possibly up to 1330 target in an ultra swing trade.
As always practice safe risk management have a pipful second quarter
A long trade with entry at current market price with stop loss at about 1275 and first take profit at 1314 and possibly up to 1330 target in an ultra swing trade.
As always practice safe risk management have a pipful second quarter
Trade active
Trade active:
(10 April 2019, 17:40 SAST) The market price could face resistance at around the 1308 and ahead of the FOMC meeting minutes. We could see a possible retracement and/ or consolidation on smaller time frames but the market is still technically bullish.
Trade closed: stop reached