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Good afternoon, dear traders! I present to you the trading idea for gold.
The strengthening of the US dollar is going on all fronts - both in currency and in stock. Therefore, investors go to the dollar "cache" before the turbulent New Year's month. On the other hand, the story of the impeachment of Trump did not lead to anything. At the same time, the United States controls the riots in Hong Kong, but continues to hope for successful negotiations with China.
Against this background, gold falls all November. The technical picture is actually very interesting for the "geometric traders" longs, against which our trading method of "hunting for stops" is set up.
Now, pay attention to the chart below. Gold came close to the mirror level, or, as many people call it the "support-resistance level". Moreover, it approached it for the second time. As you know, I regularly provide forecasts for the breakdown of obvious technical models, working against the "crowd". The first "mirror" test is usually true while the second and third - lead to a breakdown of the level. No one knows whether the breakdown will be true or false, but our task is to gain profit on this event.
Therefore, I recommend choosing signals to go down with profit taking after the breakdown of November and the mirror level under the quotation 1446 and below.
Good luck in trading and follow the money management!
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