Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
Gold: 1 875 to go, 1900 coming
2021-01-25 • Updated
Two similar trends?
Do you want to play a game? Plot an equilateral channel on the H4 gold chart: its lower line starts on January 15 low (1 825) and goes through the recent low like in the image (1 850). Then, plot another one: it would start at the support of 1 825 on December 15 and go upwards pinching through the following lows as indicated. Do you see any difference between the trajectories? Their inclination is pretty much the same. Does it suggest that the gold price is in the upward trajectory and may reach 1 875 and 1 900 soon? Yes - there are fundamental reasons for gold ro rise.
In the previous uptrend, the gold price went from 1 825 to 1 900 in approximately two weeks. Therefore, If the scenario repeats, we will have gold at 1 900 by mid-February. So, if you are willing to test this hypothesis, ready to wait for a couple of weeks and your account may withstand the fluctuations on the way - you buy at current price or wait for it to go down to 1 850 (it's still probable) and set your Take Profit/Sell below 1 900.
Trade idea details and contions
1. You are ready to wait 2-3 weeks
2. Your account may withstand the fluctuation (you've made respective calculations)
3. You are willing to test this scenario as in experimental mode (not putting all your equity on it)
4. Buy at current price/1 850
5. Take Profit/Sell below 1 900
6. Stop Loss at 1 825
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