Trading plan for Gold for September 30, 2019

Technical Outlook:

Gold might be heading lower towards $1450 and below provided prices stay below $1523 and $1535 levels. A corrective drop might be unfolding (A)-(B)-(C) from $1557/58 levels before the rally could resume any further. Immediate price resistance is at $1523 followed by $1557/58 levels and if the above structure remains in effect, the metal should stay below those levels. For those traders who are already short, the risk can be reduced to $1523 levels, while those who are wanting to enter fresh positions could wait for a pullback towards at least $1514/15 levels which is also the Fibonacci resistance of the drop between $1535 through $1580 levels respectively. Moreover, a push above $1523 would confirm that the corrective drop might be over and that prices are expected to head north. In either case, selling on rallies remains a favored strategy for now.

Trading plan:

Remain flat for now. Look to sell again around $1515 levels, stop above $1535, target is $1450

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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