GOLD - BUY- 23rd March 2022




GOLD - BUY- 23rd March 2022 (Closed)


Updated Position: 23rd March 2022 (cancel the BUY STOP placed yesterday)

Trade Setup BUY market execution, current price 1923, stop loss 1898 and take profit 1970.

Stop loss: 250 pips

Take profit: 470 pips

 

Afternoon traders,

 

All commodities have faced a period of consolidation and downside pressure as traders reduce long positions and potentially look for shorting opportunities from the major resistance levels. This theme has been constant on gold and crude oil. The fundamentals have not changed, inflation is expected to continue rising due to supply chain issues, the conflict in the EU is still ongoing, therefore we are looking to ride gold higher. Technically speaking, gold has potentially completed an ABC corrective decline. We can count a 5-3-5 structure and buyers are stepping back into the market at these levels. We should at the minimum see a 3 wave rally higher, at the moment there has only been a 2 wave move to the upside.

Trade Setup: BUY STOP – entry price 1941, stop loss 1916, and take profit targets 1971-2000.

Stop loss: 250 pips

Take profit: 300-590 pips

Trade Setup
BUY - Market Execution

Entry
1923

Take Profit
1970

Stop Loss
1898