The gold market price underwent a horizontal movement after the rise that took place last week, since this horizontal movement has been lingering since the market opened earlier this week. Today look at the trends and reactions of the market. Chances are it will drag on until the market shows the next reaction.
On the chart, yesterday’s price is only testing at the next highest price where the resistance has been successfully broken at the price of 1800.00
The continuation, at the current price now at 1815.00, this is the highest price yesterday. What potential is seen can happen. There are 2 probabilities that can occur at the current price.
On my observation on the chart, the first thing that can happen is a rejection in the m15 timeframe because at the price of 1815.00 is the nearest resistance accompanied by a trendline confluence that was retested a few minutes ago. So through this probability, a potential downtrend can occur.
The second is a breakout at the price of 1815.00 and the fixed price continues to rise at least on hitting the price of 1825.00. This is because in the past trend the downtrend still dominated the market price only after the increase took place, now the price makes a horizontal movement. So a horizontal movement like this is no problem to buy and sell at the lowest and highest prices.
If I do an entry sell, the risk and reward that I will take is between 1: 1.5-1: 3
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