So this trade is based on a monthly timeframe, and the fact the institutional trades are still holding huge amounts of long positions on Gold.
We can see that price has already bounced off from these levels before (monthly support), and retail trades are already lined up with lots of short positions from here.
Therefore this should be a great entry area to go long and make a new high, or at least make a run to the 2000 dollar price area.
Risk:Reward is quite okay, I'll go with a 1 to 3, but with a 1 to 1 has a much higher chance to stay in it for the long run.
Have a great day everyone!
We can see that price has already bounced off from these levels before (monthly support), and retail trades are already lined up with lots of short positions from here.
Therefore this should be a great entry area to go long and make a new high, or at least make a run to the 2000 dollar price area.
Risk:Reward is quite okay, I'll go with a 1 to 3, but with a 1 to 1 has a much higher chance to stay in it for the long run.
Have a great day everyone!