empty
 
 
30.06.2020 03:27 AM
Trading plan for Gold for June 30, 2020

This image is no longer relevant

Technical outlook:

Gold had rallied towards $1,780 levels on June 24, 2020; before pulling back. The yellow metal had dropped to $1,747 levels and found support of a short-term trend line passing through. Gold is seen to be trading around $1,769 levels at this point in writing and it need to break below the trend line to turn bearish again. On the flip side, a break above $1,780 would push the metal towards $1,790/95 resistance. Gold has been rallying since last 13 months from $1,262 levels and should be very close to forming a meaningful top. It is better to avoid initiating fresh long positions and get into a bull trap, since upside remains limited towards $1,790/95 levels, going forward. Aggressive traders might want to sell with risk above $1,780 resistance.

Trading plan:

Aggressive traders remain short with stop @ 1,780, target is open.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback