Gold: 1920USD as ATH and How to Trade
Buyers are looking at 1920USD level, which is the historical high. It is their main target, and I think they will succeed. As the market has made a solid upward movement, I won't be surprised if buyers start fixing their profit. They will start selling in order to cover their long positions, and we will get a reversal. The price reversal from ATH with the further pullback to the support zone at 1800USD and SMAs , it seems logical.
The trading plan can be like this:
Search for exact selling opportunities from 1920USD using the daily and hourly timeframes
Wait for the pullback to the strong support zone at 1800USD and buy in the direction of the main trend. We will probably see the continuation of the uptrend as the fundamental factors support the market.
During the next week, we will be able to get interesting trade opportunities. So, I recommend adding this market to a watchlist.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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