Looking at the monthly gold chart, after nearly 4 years of accumulation, there has been a spectacular breakout following the Russia-Ukraine and most recently Israel-Iran wars, as the world fears a third World War, gold is the safest haven (followed by Bitcoin, hence BTC’s spectacular turnaround so far), so it has broken out of its previous high and created a new ATH around 2400, then the market started to take profits and according to the law of supply and demand, there will be a deep correction to the new breakout zone and the new support zone that I have colored in blue around 1969-2145 before continuing to 25xx.
At the end of this April, gold will be a very high bearish pinbar, so a correction before continuing is inevitable. To find a re-entry point, we need to observe the weekly timeframe to know more precisely because gold’s stop loss is very large, so we need to be patient and wait for the right entry point before we get discouraged by losing money before winning.
Looking at the weekly chart, there are 2 untested support zones in the blue circled area as shown above. The first blue zone is not safe because it is outside the monthly support zone, so we must be careful to watch the strongest support zone around 1970-2068. We must wait for the sweep and see if there are any Price Action signals on the W1/MN timeframe before entering smaller timeframes to find entry points because if the selling pressure is strong, it will sweep our stop loss before reversing and continuing.
To have a small slippage when news comes out and the lowest spread as well as interbank exchanges with high liquidity and reputation, I suggest using the following 3 exchanges to trade this risky Forex market:
- ICMarkets of Australia https://bit.ly/ICX1284
- ThinkMarkets of Australia https://bit.ly/ThinkMarketX
- RoboForex of Australia https://bit.ly/RoboForexX
- FxPro of UK https://bit.ly/FxProW
Those who do not yet have the background knowledge of the Forex financial trading market should take a free course that I share here before starting this 95% losing investment profession.
Disclaimer & Risk Warning
- It cannot be guaranteed that the methods or technical indicators presented in this course will generate profits or that learners will not experience losses during trading.
- There is no guarantee that this method will be suitable for everyone or help them become a successful trader.
- The historical performance of any trading system or method is not a guarantee of its future results.
- Do not trade if you cannot afford to lose financially. The examples mentioned in this material are for educational purposes only.
- There is no solicitation to buy or sell here. The instructor is not responsible for your trading results.
- Financial trading is a very risky activity, we recommend that you seek advice from a financial professional before making any investment decisions.
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