GOLD → If you didn't catch the train, what should you do?

16 Apr

XAUUSD in a rally. Running into a train that is already in motion is prohibited due to the lack of ability to calculate risks. Ahead of the news, a correction is possible, which will allow us to find a place to trade

Gold continues to update an all-time high on the back of expectations of retail sales in the US and the speech of Fed chief Powell. Price growth was supported by strong data from China, increased demand for “protective assets” due to geopolitical tensions and trade risks between the U.S. and China. Additional support was provided by forecasts of gold price growth from ANZ to $3,600 by the end of the year
Technically, the psychological zones of interest 3325 - 3350 are ahead, from which a correction may form. The ideal scenario is to wait for a correction to local or intermediate support levels and only there look for an entry point.

Resistance levels: 3318, 3335, 3350
Support levels: 3275, 3265, 3244

On the background of a strong bull market it is worth using as a productive strategy to trade on the breakdown of resistance in order to continue growth, but in this case we need to wait for consolidation, we do not have it.
Or wait for correction, support retest and only then consider buying.

Regards R. Linda!

16 Apr

Dagangan aktif

New key levels located close to the price