Next Turns Of Gold
Our technical analysis of Gold, incorporating both price action and smart money concepts, indicates an upward trend within a parallel channel. However, caution is advised against entering trades blindly, as the metal is currently positioned mid-channel. Trading success is often attributed to 10% buying, 10% selling, and 80% patience. Therefore, we recommend waiting for Gold to approach key support or resistance levels.
Key levels to watch:
- Strong Buying Zone: $2700-$2703
- Strong Selling Zone: $2800-$2805
Our analysis remains unaffected by election outcomes, as Gold has consistently respected support (three times) and resistance (four times) levels. We anticipate similar momentum to persist.
For traders considering immediate entry, selling may be an option, albeit with caution and at one's own risk. Gold has reversed from resistance at $2789, targeting support, although we assign a 60% probability to this move due to Gold's inherent volatility.
Note: This analysis is only for the Long equity Account Holders
Key levels to watch:
- Strong Buying Zone: $2700-$2703
- Strong Selling Zone: $2800-$2805
Our analysis remains unaffected by election outcomes, as Gold has consistently respected support (three times) and resistance (four times) levels. We anticipate similar momentum to persist.
For traders considering immediate entry, selling may be an option, albeit with caution and at one's own risk. Gold has reversed from resistance at $2789, targeting support, although we assign a 60% probability to this move due to Gold's inherent volatility.
Note: This analysis is only for the Long equity Account Holders
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