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Gold Trading Plan for 3-4 Feb 2022OANDA:XAUUSD has been trading in a very tight range over the past 2 day - which can be observed from the markings on my chart. The Day Highs and Day Lows of the past 2 days have actually been roughly the same. This makes the Previous Day High (PDH) and Previous Day Low (PDL) from today's perspective very good breakout levels - which I have marked on the chart. The zone between these two price levels is a strict "No Trade Zone"; this has been marked on the chart as well. If XAU/USD crosses/opens or stays above the PDH , we will be looking for long opportunities and if XAU/USD crosses/opens or stays below the PDL , we will be looking for short opportunities. Entry criteria: Bullish case: Breakout above PDH on 5 minute chart to be followed by retracement which in turn would be followed by a 5 minute candle close above the DAY HIGH. Since the market has already opened with a gap now I will only be looking for a retracement followed by Day High Breakout. Bearish case: Breakout below PDL on 5 minute chart to be followed by retracement which in turn would be followed by a 5 minute candle close below the DAY LOW. Stop Loss criteria: Ideally the stop loss should be palced just below (in bullish case) or just above (in bearish ) the nearest retracement on the spot chart; this is a just a guide though - in some cases you might actually have to deploy your own discretion. Take profit criteria: One may book 1/3rd quantity at 1:1 RR, 1/3rd based on 5 minute candle close above EMA 15 (in bearish case) and below EMA 15 (in bullish case) and 1/3rd based on dynamically adjusting stop loss based on typical trend trading strategies. Also after 1:1 RR has been acheived one may choose to adjust max SL to cost. Please note the given zones are valid only until the end of the day. For today, I am biased towards the upside. But like always - I trade the price and the system and not my expectations.
OANDA:XAUUSDLong
by abhineetramjiwal
GOLD RALLYAfter the death cross was confirmed earlier this week, to test critical support near $ 1,805 with a 200-day moving average (DMA) and 50 DMA match, it lasted below the January 19 low of $ 1,810. A break is needed. This level also brings a wedge support line. The US Federal Reserve (Fed) matched extensive marketplace forecasts even as maintaining the benchmark hobby costs and tapering goals intact. However, the exciting element from the Monetary Policy Statement was, “The Committee expects it's going to quickly be suitable to elevate the goal variety for the federal budget rate. The US Treasury yield plummeted 1.85% over a 10-year period and was offered slightly after recording the largest daily rise in three weeks. However, US and European stock futures have fallen by more than 1.0% during the day at a press conference. Gold prices can quickly continue to fall as technical failures add to the root cause. However, today's US fourth-quarter GDP and December durable goods orders are important for the short-term direction.
FXOPEN:XAUUSD
by FiscalAutonomy
GOLD (XAUUSD) | The best scenario is to fall📝Hello traders, Gold in daily timeframe , this analysis has been prepared in daily timeframe but has been published for a better view in 2 day timeframe. The gold trend is generally within a leading cycle, from which waves 1, 2, and 3 are completed, with waves 4 and 5 remaining. Wave structure 4: It is similar to a triangle due to its shallow depth. This triangle can be considered as expansion and contraction. Preferably we counted as a contracted triangle. From this triangle the waves a, b, c and d are formed and now we are inside the wave e. The t-wave is made up of the t-wave a, and the b-wave probably formed its first wave in the form of a flat wave, and this descent is also related to wave a from wave b to wave b. We probably give wave b from wave b to the gray channel and wave c from wave b is located on the upper side of the triangle, and then the descent for wave c from wave e will be equal to wave a, and finally the ascent for wave 5 will begin. - This is just a possibility and may be completely wrong - (If the 1830 area is broken, this countdown will be completely fielded) 🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏 ❤️Please, support this idea with a like and comment!❤️
OANDA:XAUUSDShort
by mahdisoltaninjad