Opportunity to sell gold during the day - Short position occupie

2023年2月20日

Gold price has slipped to near $1,837.90 after delivering a downside break of the consolidation formed in a narrow range of around $1,844.00. The precious metal has been offered amid escalating geopolitical tensions between the United States and China and the launch of projectiles from North Korea near Japan’s Exclusive Economic Zone (EEZ).

Gold price is once again challenging the bullish commitments below the falling trendline support-turned-resistance at $1,836. The bright metal is gearing strength for a sustained break below the horizontal trendline support from the January 5 low at $1,825.

Daily closing below the latter is needed to extend the downtrend toward the $1,800 threshold. The 14-day Relative Strength Index (RSI) points south, approaching the oversold territory, keeping the bearish bets alive and kicking.

Trading recommendation:

Sell soup at the price range 1853 - 1855

Stop loss 1857
Take profit 1: 1844
Take profit 2: 1840
Take profit 3: 1835

Buy soup at the price range 1829 1830

Stop Loss: 1825
Take profit 1: 1835
Take Profit 2:1844
Take profit 3: 1850

Note: Always set TP and SL in all trading cases