GOLD – BUY – 02/12/2019

GOLD – BUY – 02/12/2019 (Closed)

 


Trade Analysis
GOLDSeasonally December and January are high performing month for GOLD

Gold tends to move in the opposite direction to the USD.

The DXY has hit a level of resistance and has created an inverted hammer candle, suggesting we could see some downside in the USD.

DXY – USD Index

GOLD Daily Time Frame

GOLD has found support around the 1450 level and has now broken out of the negative trend line.

 

 

Gold has a swing low of 1445 and major support at 1440, it is retesting the negative trend line at 1458.

Trade Set Up: BUY GOLD – Market order – Stop loss set below the swing low at 1442, take profit set at 1480.

If it breaks to the downside we will enter again at 1440-1435.

Trade Setup
GOLD - BUY

Entry
1459

Take Profit
1480

Stop Loss
1442