The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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Hi, dear traders! I'd like to share a trading idea for gold with you. Gold remains in the overall large bullish trend. The metal is able to update easily its historic highs in the context of globalgeopolitical jitters.
Here is a big plan for gold based on updating the double top of 2020-2022.
Let's consider the buying impulse from May 16 to be a basis represented by wave A. As of today, the gold price declined by 50% and made a false breakout of the low from May 20.
I suggest we consider the trading idea based on the gold rally according to this scheme.
In fact, there is a three-wave ABC structure where the buying impulse of mid-May is plotted by wave A. I plan to open long positions during the 50% Fibonacci retracement at the current price levels. We could set a stop loss at $1,810. We could fix a profit during a breakout of $1,870 and $2,075.
The trading idea is developed on the grounds of the author's methods of Price Action and Hunting for Stop Orders.
Good luck in trading! Manage your risks!
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।