GOLD is in the main balance with the range 1307-1362. Last week we saw a false break down of this balance. That often indicates about the movement to the other side of balance. For now you can use 2 strategies:
1. Put buy-stop with the expectation of break out 1325 (aggressive).
2. Wait for a correction wave to the balance level 1307 (conservative).
Stop-loss should be below the false break down, so the second option is more preferable. Also, second option have a much better risk/reward ratio.
Target1: 1356
Target2: 1362
1. Put buy-stop with the expectation of break out 1325 (aggressive).
2. Wait for a correction wave to the balance level 1307 (conservative).
Stop-loss should be below the false break down, so the second option is more preferable. Also, second option have a much better risk/reward ratio.
Target1: 1356
Target2: 1362