Hi friends, Sharing an trading idea on Commodity Gold futures on daily chart as we can see that after hitting all time of 61800 levels all the way it came down 57900 (considering strong support) levels and took support there and resume rally again to 60000 levels with created a double top on this chart.
So currently it is trading near to that support and seems that price want to touch that support again so once it will reach there we can see two things it breaks the support or bounce from support for targets for both situations marked on chart stop loss must be a close above or below from support in opposite direction of trade on daily candle closing basis.
RSI indicator used below on chart for getting a better synchronization, that what can happen break or bounce. One can use own time frame for tracking this idea
There must be a logic behind every trade, because trading on logics is always better than trading on speculations. Good luck happy trading Best regards.
This is not and trade or investment advice. This idea is meant for learning only.
Trade closed: target reached
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Traget marked below reached after support breached, will publish a new idea on Gold this one is closing completly
@TraderRahulPal Thank you so much for keeping an observation and thanks for like and comment much appreciated, Many best wishes for coming week trades 🤝🤝
TraderRahulPal
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Mr. Amit, For me Charts showing negative to sideways for sometimes, and this show can go on at least till end of september according to price action. We might can see action after that only. Gold has broken upward slopping support trendline in daily timeframe, and it has given a proper retest and double top kind of rejection near to broken trendline.. And now Gold is trading at their important support zone 57750-57875. We might can see price reversal for upside after touching this levels and Gold can trade in sideways for sometimes. Action can be done only after breaking down its important support zone or breakout out downward slopping trendline in daily timeframe. This is my view according to price action for sometimes.
AMIT-RAJAN
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@TraderRahulPal that's like a active trader always ready with full set of weapons, thanks for sharing your chart 🤝