Disclaimer: All information shared is solely for learning purpose and it does not constitute to a buy/sell call.
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Gold trading plan:
As mentioned last week, the probability for a strong Bull run for gold is uncertain and Week 37 have been undecided for gold as well. We have seen gold breaking out on 10 Sep and pulled back on 11th Sep (Friday). Although Gold has closed green for the week, the momentum is not clear at the moment.
The support at 1,900 range remained very critical in the upcoming week as this would determine the future direction of Gold.
Note: FOMC minutes would be releasing this coming Thursday and we would expect volatility to continue for the week.
While gold has broken out on 10th Sep, the resistance seems to be there wanting to push Gold back into the bull flag trend. Do look out for the support level at 1,930 range (+/- 5 as margin of error) on Monday.
MACD and RSI are both showing possible signs of recovery (it is still risky as clear uptrend have not been formed yet).
Gold had failed to pick up strongly after the break up where we may see immediate pull back to back test the support once more.
MACD & RSI are both showing possible immediate downside risks.
As no trading/investments are guarantee sure win, please do your own due diligence and always look at risk to reward and trade with guaranteed stop loss (private message me to know more).
Past article written on how to use guaranteed stop loss; do private message me in Telegram for me to refer you to IG.