Gold Recommendations Today: Gold continues to rise amid hopes of passing the stimulus law


 Best Buy Entry Point

 Entering a buy position by pending order from the amount of retesting the breached descending line level at 1815.89 and 1810.81, respectively, on the hourly time-frame.

 Place your stop loss below the 1803.07 support levels.

 Move the stop loss to the entry area and continue the profit because the price moves by 20 pips.

 Close half the contracts with a profit of 30 pips, leaving the remaining contracts until the strong resistance levels at 1847.48

 Best selling entry points

 The short entry below 1795.40 levels on the 60-minute time-frame 

 the simplest pipeline to put a stop loss is above 18000.10 levels.

 Move the stop loss to the entry area and continue the profit because the price moves by 20 pips.

 Close half the contracts with a profit adequate to 25 points and leave the remaining contracts until the support levels of 1754.88

 Gold analysis

 Gold prices continued during early trading on Wednesday, because the price breached the descending line, which represents strong resistance levels on the four-hour timeframe after the Federal Reserve System Chairman spoke about the importance of stimulus laws during the approaching period.

 In Senate testimony on Tuesday, Powell suggested that more fiscal stimulus is required additionally to monetary support for the financial institution, and Jerome Powell added that he agrees with Treasury Secretary Stephen Munchen that the move now's a positive thing, which is what made analysts lean toward passage of the relief and blocking the bill. By our presidential election.

 On the technical level, the worth of gold broke above the strong support levels on the hourly time-frame, additionally to the descending line (trend) on the four-hour time-frame, gold is currently trading at 1827.51 levels.

 We expect the valuable metal to witness some correction within the wave of profit-taking and to re-test the strong levels that the worth broke during yesterday's trading, as mentioned within the recommendation, then resume rising again.?

 We mention that the predominant expected trend for the valuable metal is to rise, especially with the large volume of cash printed within the stimulus programs around the world. ... Please adhere to the numbers within the recommendation with the necessity to take care of the capital management.




Post a Comment

Previous Post Next Post