Gold : Ideal level to go long around 1795-1800 weekly support
Gold dropped around 60$ last night as the result of a hawkish FED comments ,tested almost the weekly support around 1800 handle . Technically 1795-1800 handle is an ideal level to go long and keep adding every dip targeting the short term resistance around the 1920 handle .However, on the other side, Since the FED is going to raise the rate sooner than expected , If any further heavy drop and close below 1790 level will change the trend in our opinion. Hence, prepare to set parallel positions / close manually .
Signal : Long @ 1795-1805 , Pending orders @ 1785-1795
Stop Loss / parallel position : Below 1780 ( If daily close below that level)
Target : 1920 + (long term)
SSI : 72.5 % , Return of an instant intense bulls would be a difficult task ,however, a gradual rise is likely though
Signal : Long @ 1795-1805 , Pending orders @ 1785-1795
Stop Loss / parallel position : Below 1780 ( If daily close below that level)
Target : 1920 + (long term)
SSI : 72.5 % , Return of an instant intense bulls would be a difficult task ,however, a gradual rise is likely though