Tuesday, April 2, 2019

Gold analysis of the downside risks and 6 targets to go up in detail


Gold retreated from the 25 March high, down from 1322 to hit a low of 1285 in Asian trading last night, almost the same level that fell on March 7 down from 1345 on February 20th and re-established the classical support level during this period. General at 1280 which is a reliable support level with some hedging

Technically, we have a clear sell saturation during this month with a clear attempt from the Relative Strength Index to re-break the downtrend and try to re-trade above the 15-day averages and breaching that average will confirm the recovery of the positive outlook for gold and the possibility of retesting the support area 1291 and then 1297 and the stability of trading above that region Gold can push to reach the pivot point at 1305 where trades within that area can begin to break through the major resistance once again starting from the initial resistance at 1321 which represents 61.8% Fibonacci level in the case of trading stability above that point and the success of the choice We can target the next resistance 1331 which represents 76.4% Fibonacci and thus the road is open to target the summit, which declined gold during trading last February at 1346

Of course, we can start to buy gold at any point from now until last Friday if the accounts can withstand a limited decline but we recommend not to get involved in bear the declines more than 1260 with the objectives of the purchase deal sequentially on the 6 levels of profit

Trading Recommendation
Number of transactions: 6 deals with transaction size of 1 micro per thousand dollars per account
Recommendation: Buy gold from current levels 1286
Stop Loss for All Trades 1260
Take profit on six levels as follows
Make the first profit 1291
Second Profit 1297
Third Take profit making 1305
Fourth profit making 1321
The fifth Take profit 1331
Sixth Take Profit 1346

Reactions:

0 comments:

Post a Comment