Gold - 2600 pips!



10/21/20220 min read

This is a GOLD (XAUUSD) idea.

We bought gold around the $1622 price area and made about 2600 pips with a 1.7% increase. But for now, the price is getting near the resistance area, and that's where we should be careful.

We should wait for the price to either pass that resistance and confirm above it or fall back on support so we can trade again.

If you're a risk taker, you can wait for the solid resistance and close your positions, but that's not recommended.

Based on the chart, this asset has reached 2 levels of resistance on the hourly and daily timeframes based on the Fibonacci retracement.

There are three support levels on the way down, which will let us open more positions when we get more confirmation. But for now, we should wait and see.

RSI is oversold, and the price has more room to go down.

Now let's see your ideas. Let's have a discussion.

Let me know if you guys have any questions;

I will be more than happy to help.

Good luck, and thank you.

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