Gold: Trading Opportunity

Published On: 19 January 2024, 9:40 AM | Jun Yuan Kwong, Dealer

Key Entry Price Pivot(s):
• USD$2040

Recommended Trade:
• Short at level USD$2040, take profit at USD$2000, stop loss at USD$2065

Alternative Case:
• Long at level USD$2050, take profit at USD$2085, stop loss at USD$2025

Remarks:
• Looking at the 4 hours chart of GLD, we can see that the price has been in a downtrend trend channel since the start of the year.
• Currently, the price is moving toward resistance at USD$2040. We can potentially look for a short trade at the resistance level with a confluence of a bearish bar.