- The GOLD price determines key support at $ 1,690
- The downward movement stopped at the lower end of the price channel
Recommendation:
Trade: Entry into a long position at GOLD at market price
- Take Profit 1: 1760
- Take Profit 2: 1835
- Stop loss : 1665
Justification:
The gold market has been trading in a declining trend recently. However, looking at the technical situation at interval D1, it can be seen that the declines have reached key long-term support. The green zone around the level of $ 1,690 is marked by a 61.8% Fibonacci upward impulse retraction, which began in March 2020, the lower limit of the local downtrend channel and previous price reactions. If the price is above the mentioned level, the bulls have a chance to push gold higher. We recommend entering a long position at GOLD for a market price with two goals: $ 1760 and $ 1835. We recommend placing a stop loss order at $ 1655.
Source: xStation5
Trade closed: target reached:
Take Profit 1: 1760
Trade closed: target reached:
Take Profit 2: 1835