GOLD - Consolidation on the daily chart - prime time to get in
Opportunity presents itself for those who haven't gotten into gold, to enter.
Gold is currently consolidating around the 1272 price range with an RSI hovering around the 50%-60% mark. Personally I am more inclined to think that gold will continue to rally, however this trade idea is to prepare you to take advantage of a move to either side. The idea is as follows:
Simultaneously:
Buy Stop @ 1297.05 price range with an SL @ 1254.41
Sell Stop @ 1254.41 price range with an SL @ 1297.05
I personally would like to run this position based on future market events (ie. BREXIT, and FOMC) i have not included any TPs for either of the trades. However, if you choose to put in TPs the upper and middle Bollinger bands make for good conservative TPs for either of the trades.
Trade Safe, Trade Smart
Good Luck!
Gold is currently consolidating around the 1272 price range with an RSI hovering around the 50%-60% mark. Personally I am more inclined to think that gold will continue to rally, however this trade idea is to prepare you to take advantage of a move to either side. The idea is as follows:
Simultaneously:
Buy Stop @ 1297.05 price range with an SL @ 1254.41
Sell Stop @ 1254.41 price range with an SL @ 1297.05
I personally would like to run this position based on future market events (ie. BREXIT, and FOMC) i have not included any TPs for either of the trades. However, if you choose to put in TPs the upper and middle Bollinger bands make for good conservative TPs for either of the trades.
Trade Safe, Trade Smart
Good Luck!
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