It's good to wait for price action confirmation for execution position.
Please strictly follow the risk-management and confirmation for possible execution.
Risk Disclaimer: Any analysis or information is provided as general market commentary, and does not constitute investment advice. It is subject to change at any time without notice and is provided for the sole purpose of assisting traders to make own independent investment decisions.
Comment
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Gold price is rejected the EMA 50 in the 4H timeframe. We can expect the price move downwards and form a stronger resistance at bottom, hence we may long when the price action confirmation happened.
Check the 4H timeframe chart here:
Comment
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Trade active
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The possible long position in Gold.
Take Profit = 1721.4 or above Stop Loss = 1708.9 (Lower Risk)
Please strictly follow the risk-management and confirmation for possible execution.
Risk Disclaimer: Any analysis or information is provided as general market commentary, and does not constitute investment advice. It is subject to change at any time without notice and is provided for the sole purpose of assisting traders to make own independent investment decisions.
Trade closed: stop reached
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SL with 50 pips loss.
Comment
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In Gold, its price keep dropping to test the EMA 200 where is the strong support in the 4H timeframe.