Gold, in its hourly chart, presents a short-term bullish sequence that began on February 05th, at $1,547.55 per ounce, boosted mainly by coronavirus spread concerns and its potential impact on the global economy.
Taking into consideration that the short-term upward trend remains intact and the price action doesn't reveal any signs of a bearish reversal, a potential bullish continuation in the golden metal is likely, which could be confirmed if the price consolidates above $1,575.47 per ounce.
A bullish position will activate if the price breaks and closes above $1,575.47 per ounce. Our conservative perspective considers a potential profit target at $1,581.40 per ounce. If Gold continues extending its gains, the price could climb to $1,588.21, and even up to $1,595.55 per ounce.
The level that invalidates our bullish scenario is placed at level $1,567.77 per ounce.
Trading Plan Summary
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Entry Level: $1,575.47.
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Protective Stop: $1,567.77.
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1st Profit Target: $1,581.40.
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2nd Profit Target: $1,588.21.
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3rd Profit Target: $1,595.55.
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
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