Context: Gold is currently trading within a Macro Range dated back to 2011 to 2013. This Range is based off monthly candles which suggest they are very wide apart. Currently, price is trading between 75% and 50% of the range. Recently, Gold breakout which seen a massive rise and is now facing some resistance at 1750. There are 2 ways to get onboard the next rally.
Retracement to 50% Macro range - Entry 1670 , Stoploss 1640
Await the retest of Daily Range High after bouncing off Daily Mid Range - Entry 1750 , Stoploss will be placed under low of current retracement
Target 1: 1775 - Previous Daily Breaker
Target 2: 1800 - Top of Macro Range
How i play it?
I will be putting limit orders awaiting . However, sometimes price do not retrace as much as we want so if it does , i will try to get on board. I will be aiming for 1800.
Levels mentioned:
Dark Thick Green line - 75% and 50% of Macro Range
Purple dotted line - Last Month High
Thin Black line - Daily Range High / Low / Mid Point
Maroon thick short line - Last Monday Low
Retracement to 50% Macro range - Entry 1670 , Stoploss 1640
Await the retest of Daily Range High after bouncing off Daily Mid Range - Entry 1750 , Stoploss will be placed under low of current retracement
Target 1: 1775 - Previous Daily Breaker
Target 2: 1800 - Top of Macro Range
How i play it?
I will be putting limit orders awaiting . However, sometimes price do not retrace as much as we want so if it does , i will try to get on board. I will be aiming for 1800.
Levels mentioned:
Dark Thick Green line - 75% and 50% of Macro Range
Purple dotted line - Last Month High
Thin Black line - Daily Range High / Low / Mid Point
Maroon thick short line - Last Monday Low