Early this year; Jan 2020: Gold broke a key price resistance of $1552 - since Aug 2019 gold was trading in a range between S $1450 and R $1552.
As price broke the key resistance and gained momentum towards $1650 target - I began looking for opportunities to buy with a stop loss around 1410 & 1510 and with targets at 1720 or 1800. (while closely monitoring fundamentals and global market risks).
Traders evaluate market through technical and fundamental behaviors of price action. The trade shared here is a swing trade with the mission to grab profits and minimize losses between the ranges shared above (buy and/or sell).
I took 2 trades 1 based on the daily chart and the other based on the hourly - both are on target; the hourly trade hit its profit target last week (1:3 risk to reward ration).
The swing trade is still in action and price is gaining momentum towards the $1720 price test which was previously set on March 09, 2020. Price action is monitored on a 4 and 8 hours charts.
I have removed most of the technical analysis form the chart to show the bigger and more clear picture.
This chart shows the daily price action, head and shoulder formation, price breaks as well as retesting for support levels and resistances for the one with the knowledge of Candle stick chart and Fibonacci calculations.
If you have any questions please leave in the comments. Thank you.
