GOLD Trading Idea & Buy Setup
Technical Facts:
Gold is consolidating over 1735 right now. Latest resistance area is going to be our target. we are waiting for the market open and can buy from very bottom and hold for a while.
Fundamental facts:
Uganda has announced the discovery of 31 million metric tonnes of gold deposits in the country. Therefore, a fundamental affects on gold happened last week. When Uganda announced, the price of gold dropped by 700 pips as the supply of gold might increase as the new mine has been founded. Though we did not get any authentic verification of this news.
Right now,
Buy gold with a target of 1788 and SL should be 1729 which is the two years strongest support for gold
Gold is consolidating over 1735 right now. Latest resistance area is going to be our target. we are waiting for the market open and can buy from very bottom and hold for a while.
Fundamental facts:
Uganda has announced the discovery of 31 million metric tonnes of gold deposits in the country. Therefore, a fundamental affects on gold happened last week. When Uganda announced, the price of gold dropped by 700 pips as the supply of gold might increase as the new mine has been founded. Though we did not get any authentic verification of this news.
Right now,
Buy gold with a target of 1788 and SL should be 1729 which is the two years strongest support for gold
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