GOLD - WEEKLY UPDATE
Hello Traders and welcome to the first idea of 2021. As usual, the first days and weeks of the year are poor of big movements. However, we noticed this nice signal from XAU.
The trend is bearish and the price fell below the 200 Moving Average daily once again (1841). We also are below the lowest retracement level of the last leg up (1838), which seems just as a reaction to the reach of 1764, a key multiyear level. This means that this is not a simple retracement, but Gold is likely to go further down. Also, this time the price had almost no reaction to the touch of the 200MA. The RSI has still room to fall.
Our idea consists in a short position with:
- Target 1764 and
- Stop Loss just above the top of the last candles
The Risk Reward ratio is 2.
The Dollar experienced a steady decline over the last months but at the moment is bouncing in the short term as can be seen from the Dollar Index. As we know, a strengthening of the USD causes commodity prices to fall, all else being equal.
FTMO wishes you a happy 2021, full of success in trading!
The trend is bearish and the price fell below the 200 Moving Average daily once again (1841). We also are below the lowest retracement level of the last leg up (1838), which seems just as a reaction to the reach of 1764, a key multiyear level. This means that this is not a simple retracement, but Gold is likely to go further down. Also, this time the price had almost no reaction to the touch of the 200MA. The RSI has still room to fall.
Our idea consists in a short position with:
- Target 1764 and
- Stop Loss just above the top of the last candles
The Risk Reward ratio is 2.
The Dollar experienced a steady decline over the last months but at the moment is bouncing in the short term as can be seen from the Dollar Index. As we know, a strengthening of the USD causes commodity prices to fall, all else being equal.
FTMO wishes you a happy 2021, full of success in trading!
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