Gold - How to Trade

The price bounced from the downtrend line and now we see the falling below 1300.00 - a strong support level. If the close price of the daily candle stays below this support, we should be ready to see the downward movement to the support zone between SMA100 and 1280.00 level. The price reversal from this zone will allow opening long positions with stops below the local swing low and the main profit target at the downtrend line. If the price breaks this zone, the next one will be between the main uptrend line and SMA200. The price reversal from the 2nd support zone also will be good for buying.

For confirming the continuation of the primary uptrend, the price will have to break the downtrend line. Will the market be able to make such a breakout? We will see. Now we don't have any signals confirming the strength of buyers. The downward movement looks more logical in the current market conditions.


P.S. If you want to become a professional trader and succeed in the financial markets, you should read these 3 articles:
They will help you to move in the right direction and protect your capital.
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