Hello fellow traders, Gold has been retracing for a while and currently approaching important support zone which I highly believe would be an area of value for the following reasons:
1- Long term trend line (black line) crossing the zone
2- 50 weekly MA is at $1758
3- 50% & 62.8% fibo retracements
The area of value (refer to box in chart) extends from $1,690 to $1,763 hence I would suggest buying and holding for a retest of the ATH at 2075 as minimum target. Stop loss can be set below $1,660 so you can see how favorable would this trade be from risk to reward perspective.
Good luck friends :)
I am a professional trader with 8+ years of trading experience which includes stocks, commodities, cryptos and forex.
1- Long term trend line (black line) crossing the zone
2- 50 weekly MA is at $1758
3- 50% & 62.8% fibo retracements
The area of value (refer to box in chart) extends from $1,690 to $1,763 hence I would suggest buying and holding for a retest of the ATH at 2075 as minimum target. Stop loss can be set below $1,660 so you can see how favorable would this trade be from risk to reward perspective.
Good luck friends :)
I am a professional trader with 8+ years of trading experience which includes stocks, commodities, cryptos and forex.