Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...
Gold: trade the lower drift
2021-01-22 • Updated
Cannot fight the feeling that the gold price wants to go sideways – again. The core of the channel would be between 1 840 and 1 860, with the outer borders being at 1 825 and 1 875. If that’s the case, gold will go to 1 840 first, possibly going through some fluctuation above that support, touch the low of 1 825 and revert to the upside.
Here are the possible scenarios then.
Easy recovery
In this scenario, the gold price dips into the support channel 1 840 – 1 845 and then gets back up to 1 860 to conquer new local highs.
Lower drift
In bears and bulls are relatively even, the price will keep going sideways across the channel 1 840 – 1 845 for quite a while before moving to another baseline level.
Anchored
This scenario assumes the gold price will drop to 1 825 and stay there in the nearest short-term.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
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