Good evening traders, my previous idea played out smoothly. Indeed price had trouble breaking 1515 region, coupled with trade war news being optimistic gold melted.
It can be viewed here :
Now that the news have tone down a little, let us take a look at the charts once again.
Prices has since made a drastic drop from 1515 to 1460, potentially forming a double bottom.
Strong support can be found at this region ranging from 1456 to 1460.
Currently, I have a long position at 1457 with a very tight SL 1453.5
If support is respected, price should head back to 1495 resistance.
If support is broken, i expect prices to do a retest and melt straight down to 1405 region.
It can be viewed here :
Now that the news have tone down a little, let us take a look at the charts once again.
Prices has since made a drastic drop from 1515 to 1460, potentially forming a double bottom.
Strong support can be found at this region ranging from 1456 to 1460.
Currently, I have a long position at 1457 with a very tight SL 1453.5
If support is respected, price should head back to 1495 resistance.
If support is broken, i expect prices to do a retest and melt straight down to 1405 region.
Trade active:
Trump just announced that he did not agree to roll out the tariffs, causing a drop in US and short rally for gold! .
Stops moved to BE
Stops moved to BE
Trade closed: stop reached:
Trade got taken out at BE.