Gold price on next week 20/1/2020
Well, nice to talk with everyone again.
After the many issues last week such as trade war between China and the US, the risk of world war III by Iran and the US. It's made huge volatility on gold price like a roller coaster.
So what next on my technical viewpoint?
On 1H The significant zone are the purple line pair, around 1536 - 1540 as the support and 1561 as the resistant. The gold price move in this range by sideway direction. Laster week the gold price try to test 1561 2 times but can not break out from this zone right now. (the price try to running above EMA 20 on 1H) This week should test 1561 again and I hope the price can break out from this zone soon. (Long bias because I have to hold buy position near the low of this round)
Anyway, in the short term. The market waiting for the price breakup above 1561 or breakdown below 1536 to show us the main direction.
So now we should trade on sideway 1536 - 1561 to collect the cash while waiting for the confirm signal for the main direction.
The big picture gold price was still uptrend with higher highs and lower lows. Bear become if the price trade below 1518-1514. Please beware to open sell position with big lot. The best strategy at this time is trying to accumulate buy positions and set the stop loss every position you opened.
For the next resistant and support, you can see in my chart. The purple line is a sign to point and the red is a minor point in small time frame.
Thank you for attention, please click follow for my next paper.
Stay tuned !!
Kitti
For advertisement: We have a small group of trader that we can discuss and educate the real technical and guideline new friends how to trade. If you guys want to join us please message me directly. It's a free social trading community we are opened for everyone.
After the many issues last week such as trade war between China and the US, the risk of world war III by Iran and the US. It's made huge volatility on gold price like a roller coaster.
So what next on my technical viewpoint?
On 1H The significant zone are the purple line pair, around 1536 - 1540 as the support and 1561 as the resistant. The gold price move in this range by sideway direction. Laster week the gold price try to test 1561 2 times but can not break out from this zone right now. (the price try to running above EMA 20 on 1H) This week should test 1561 again and I hope the price can break out from this zone soon. (Long bias because I have to hold buy position near the low of this round)
Anyway, in the short term. The market waiting for the price breakup above 1561 or breakdown below 1536 to show us the main direction.
So now we should trade on sideway 1536 - 1561 to collect the cash while waiting for the confirm signal for the main direction.
The big picture gold price was still uptrend with higher highs and lower lows. Bear become if the price trade below 1518-1514. Please beware to open sell position with big lot. The best strategy at this time is trying to accumulate buy positions and set the stop loss every position you opened.
For the next resistant and support, you can see in my chart. The purple line is a sign to point and the red is a minor point in small time frame.
Thank you for attention, please click follow for my next paper.
Stay tuned !!
Kitti
For advertisement: We have a small group of trader that we can discuss and educate the real technical and guideline new friends how to trade. If you guys want to join us please message me directly. It's a free social trading community we are opened for everyone.
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