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20.01.202113:12 Forex Analysis & Reviews: Trading idea for gold

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 20.01.2021 analysis

To date, gold continues to rally in the markets, approaching a price level of 1863. The growth took place during the Asian session, and the movement totaled about 4,000 pips.

Exchange Rates 20.01.2021 analysis

Taking this into account, it would be best to open positions targeting 1863 and beyond. Otherwise, you will fall into a sellers trap, aside from the fact that there is no place here to hide risks.

But in case of a true breakout in 1863, gold's next target will be 1965.

Of course, risks are needed to be monitored to avoid losing profit. Trading is very precarious, but also profitable if the approach used is correct.

The strategy above uses Price Action and Stop Hunting methods.

Good luck!

Andrey Shevchenko
Analytical expert of InstaForex
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