GOLD Swing Long Trade | Next Stop 1950?
Gold is providing a potential swing long trade setup towards some Daily key levels.
I a seeing potential here for the Precious Metal to make a significant move higher towards $1925 & $195 in the medium-term.
As you can see on the Daily chart, Gold formed a strong bounce from the $1810-$1815 demand zone printing a large wick and indicating that buying pressure is strong within that zone. From the bounce the market formed an accumulation phase and a bullish break of structure confirming the formation of new bullish orders. The commodity is now trading within the boundaries of the accumulation range and I expect it to move slightly lower before providing an opportunity to buy.
For my entry targets I am primarily focused on the 4H demand zone at $1828, but the doors are open for price to trade once again into the $1810-$1815 demand zone, so no entry should be rushed. As traders we are here to REACT not PREDICT so the best course of action for this Gold swing trade will be to wait patiently for 4H confirmations adopting a 'top-down' approach to the market at $1828. If no confirmations form you can continue to wait until the market gives you something to work with back in the $1810-$1815 range.
For my targets I am looking towards the $1925 Daily supply zone & Key Level, and the $1950 major resistance. I see precious metals moving considerably higher long term, but for this swing long 100% of my profits will be taken at the $1950 level.
As always, be patient, manage risk & trade logically.
I a seeing potential here for the Precious Metal to make a significant move higher towards $1925 & $195 in the medium-term.
As you can see on the Daily chart, Gold formed a strong bounce from the $1810-$1815 demand zone printing a large wick and indicating that buying pressure is strong within that zone. From the bounce the market formed an accumulation phase and a bullish break of structure confirming the formation of new bullish orders. The commodity is now trading within the boundaries of the accumulation range and I expect it to move slightly lower before providing an opportunity to buy.
For my entry targets I am primarily focused on the 4H demand zone at $1828, but the doors are open for price to trade once again into the $1810-$1815 demand zone, so no entry should be rushed. As traders we are here to REACT not PREDICT so the best course of action for this Gold swing trade will be to wait patiently for 4H confirmations adopting a 'top-down' approach to the market at $1828. If no confirmations form you can continue to wait until the market gives you something to work with back in the $1810-$1815 range.
For my targets I am looking towards the $1925 Daily supply zone & Key Level, and the $1950 major resistance. I see precious metals moving considerably higher long term, but for this swing long 100% of my profits will be taken at the $1950 level.
As always, be patient, manage risk & trade logically.
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