GOLD – BUY – 18th June 2020

GOLD – BUY – 18th June 2020 (Closed)

Good morning team,

We are changing our stance on gold due to numerous Doji candles on the daily time frame. Gold has tried on a number of occasions to break lower however buyers are pushing the market straight back up.

GOLD Daily Time Frame

There is a key trend line providing support, the market is failing to break below the trend line suggesting it is possibly too early for a break lower.

On the daily time frame you can see a number of Doji candle stick patterns, and the price is now breaking above a negative trend line.

GOLD – 1 Hour Time Frame

There is potentially an inverted head and shoulder formation playing our here. The neck line can be found at 1745, a break above the level will suggest a move higher.

We are now looking to buy the metal with our stop loss below the inclining level of support.

Trade Setup: BUY -Market execution, current price 1727, stop loss 1700 and take profit target 1780.

Stop loss: 270 pips

Take profit: 530 pips

Trade Setup
BUY -Market Execution

Entry
1727

Take Profit
1780

Stop Loss
1700