Hi, dear traders!
Let me present you with my trading idea for gold.
After a stunning rally at the beginning of the week, gold considerably retreated to $1,960 with a false breakout of support/resistance. This price action clearly seen by all traders enables us to enter the market accurately with long positions. This trading instrument has the bullish outlook.
The daily chart reveals shows that gold has left the top of 2020 untouched. It makes a nice target for profit taking on long positions.
I suggest that we should trade gold higher from current price levels with a view to hitting the peak of 2020/2022. All in all, the gold price has a huge bullish potential of 12,000 pips.
We could plan market entry points according to signals generated by shorter time frames and keep track of our positions through closing levels of daily bars.
This trading idea is developed on the basis of my own methods Price Action and Hunting for stop orders. Good luck in trading! Make sure you manage your risks!