Gold MCX Long Strategy with Key Points
Updated
Consider a long position in Gold MCX around the current price of 61160.
Initiate 30% of your standard position size.
Add to your position within the 60960-61000 range.
Set a stop loss at 60550 for risk management.
Potential profit targets are at 61380, 61600, and potentially 61800 or higher.
Please note that this is a suggested approach and not financial advice. Make informed decisions and conduct your own analysis.
Initiate 30% of your standard position size.
Add to your position within the 60960-61000 range.
Set a stop loss at 60550 for risk management.
Potential profit targets are at 61380, 61600, and potentially 61800 or higher.
Please note that this is a suggested approach and not financial advice. Make informed decisions and conduct your own analysis.
Note
Update: Gold's high has reached 61360, which is close to our initial target of 1. I've now adjusted my stop loss to the entry cost, effectively securing a risk-free trade.Note
Update: Gold soared to 61530+ before triggering the trailing stop loss.
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