Yesterday, I observed that the price of gold retraced to retest some significant key levels. As the candle closed above the accumulation zone, indicating potential upward momentum, I decided to enter a high-volume trade (HV Trade). Placing my stops below the accumulation zone, I set my take profit target to yesterday's highs.
Additionally, the unemployment claims data released yesterday turned out to be higher than expected, signaling a potential economic recession. Given this fundamental factor, gold prices were expected to move upward. Moreover, from a technical analysis perspective, the charts were indicating a strong bullish trend.
However, before executing any trades, it's crucial to have a well-defined plan in place. This ensures that you have a clear strategy to follow and helps manage risks effectively.
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