Gold did not hold the conquered positions and is creeping down again.
The Gold Price has recently been in a strong downtrend. After the fall, the bulls tried to regain their positions but were able to do it only partially. The price recovered only by half and began to slowly fall again. Local support has formed at the level of 1794.00, which we will use as an entry point to the position. Considering that today the market is in a sideways movement without pronounced trends, we will take profit within the channel without waiting for the next support to be broken. Therefore, we will place a Take Profit order at 1784.00 1000 pips from the entry point.
Now the price is below 200 simple average and the MACD indicator is below zero. This indicates to us a downward price movement.
Order Type: Pending Order - Sell Stop
Entry Price at 1794.00
Take Profit at 1784.00
Pips Earning: 1000
The profit can be $1000.00 if the trading volume of 100 Tr. Oz.