Gold Futures Trade Idea 📉: I’m targeting a short position on Gold Futures with an attractive risk/reward ratio of 5 to 1. Please note that this trade is speculative and should be considered at your own risk.
Technical Outlook for the Gold Futures Short 🔍:
- Entry Price: 2067.8, wait to fill
- Partial Profit Target: 2000.8 (Approx. 3.25% descent from entry)
- Full Target Price: 1813.2
- Stop Loss: 2118.7
Swing short gold trade idea at your risk. 5-1 reward vs risk
Keep a vigilant eye on the market movements near the anticipated retracement zones, and be ready to shift your stop loss to a break-even point or to lock in profits as the situation demands.
Trade Rationale 🤔: In my opinion, there’s an observable bearish momentum beginning to unfold. Technically, the price action could very well retest the value area high, as it commonly does following a breakout, as well as challenge the 2000 psychological mark.
Possible Add-on to This Trade Strategy 🗓:
- Initiation: Enter the trade at 2067.8.
- First Milestone: Take partial profit at 2000.8, just over the value area high – a typical retracement target post-breakout.
- Endgame: The final exit target stands at 1813.2, which aligns with our high risk/reward objective.
Risk Management ⚖️:
- Calibrated Positioning: Adjust the size of your position to ensure any loss incurred stays within a tolerable range.
You can check out other, different gold trade ideas and analysis on https://www.tradingview.com/symbols/XAUUSD/ideas/
- And you wont hear this anywhere else in the context of this specific gpold trade idea… Do NOT trade the news: Go technical here only and let others think it is crucial to stay updated with the latest economic events that could influence the price of gold, including monetary policy shifts, inflation figures, and geopolitical tensions. Stick to the plan, at your own risk only. See other original views and angles on ForexLive.com