08.01.202112:32 Forex Analysis & Reviews: Trading idea for gold

Exchange Rates 08.01.2021 analysis

Gold has been declining for three days, which increases the potential for future growth of about 8,000 pips.

Exchange Rates 08.01.2021 analysis

In fact, the quote has already passed 1962, which means that at the moment, it is very risky to open long positions, although you can do so if there is a buy limit.

But the best action is to trade on the lower time frames, as such would be profitable since the growth potential of gold is impressive. The recommended target price is 1965.

Of course, traders still need to control the risks to avoid losing money. Trading is very precarious, but also profitable as long as the right approach is used.

Price Action and Stop Hunting methods are used for the above trading strategy.

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2021
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