Gold in Buying Zone - Investing Opportunities Ahead!
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.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.