03/12/24 Intraday gold trade idea
Golds at a key area now, we had a bullish run breaking above the bearish downtrend that had been held since Nov 22nds high and we are retesting and hovering around the 2640 key level.
We also have an ascending trendline from yesterdays lows of 2623 which seems to be holding for now and so a breakout is imminent.
Potential trade ideas:
Buys:
- Break and CLOSE above 2647 on the 30 min could give us the momentum to continue the day bullish with 2655 and 2670 key levels to target.
- 2655 break and close would be a safer buy with 2665 a nice 100 pip initial target.
Sells:
- If we get a bearish close below the intraday range wick so a break below 2633 we could target yesterdays lows of 2623 before reassessing
- 2631 would be the safer sell option.
Areas of interest highlighted in green, with news coming up later today we could see ranges until then so we could have a start to New York where we are sat on our hands to start with.
As always happy trading.
We also have an ascending trendline from yesterdays lows of 2623 which seems to be holding for now and so a breakout is imminent.
Potential trade ideas:
Buys:
- Break and CLOSE above 2647 on the 30 min could give us the momentum to continue the day bullish with 2655 and 2670 key levels to target.
- 2655 break and close would be a safer buy with 2665 a nice 100 pip initial target.
Sells:
- If we get a bearish close below the intraday range wick so a break below 2633 we could target yesterdays lows of 2623 before reassessing
- 2631 would be the safer sell option.
Areas of interest highlighted in green, with news coming up later today we could see ranges until then so we could have a start to New York where we are sat on our hands to start with.
As always happy trading.
Note
Bias is still the same as we've effectively ranged overnight. Will do a chart update after ADP employment as we should have one sided direction then.
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