Gold hit new all-time highs yesterday and closed at 1756. But today, the price declined without reaching the mirror level of 1760, where many sell stops are set.
Taking this into account, bullish traders can do the following in order to induce another increase in gold:
Open long positions from the current prices, and then set target profit at 1760. Place buy limit at 1738.
But be aware though that a false breakout occurred around this level yesterday.
The plan above follows the classic and trusted Price Action and Stop Hunting strategies.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.