May 20th Gold Trading
Recent news reports indicate that a helicopter carrying Iranian President Raisi and Foreign Minister Abdollahian crashed on Sunday (May 19th) while traversing mountainous terrain in heavy fog. Additionally, intense fighting continues in the northern Gaza Strip.
Escalating geopolitical tensions are driving up safe-haven sentiment and pushing gold prices higher. A surge in trading volume occurred as gold broke through the $2400 level, signaling a clear upward structure. The recommended approach is bullish, with a prudent strategy of buying on pullbacks.
Trading Strategy:
1. Open long positions on retracements to $2415.0 and $2408.0. SL: $2403.0. Targets for upward movement: $2427.0 - $2438.0 - $2450.0.
2. In the event of an unexpected drop to the stop loss level at $2403.0, the next buying opportunity lies near the vicinity of the 60-day moving average.
3. Given the clear bullish trend, it is not advisable to short. Exercise patience and wait for opportunities to enter long positions. It's better to miss out on profit during pullbacks than to engage in counter-trend operations.
Recent news reports indicate that a helicopter carrying Iranian President Raisi and Foreign Minister Abdollahian crashed on Sunday (May 19th) while traversing mountainous terrain in heavy fog. Additionally, intense fighting continues in the northern Gaza Strip.
Escalating geopolitical tensions are driving up safe-haven sentiment and pushing gold prices higher. A surge in trading volume occurred as gold broke through the $2400 level, signaling a clear upward structure. The recommended approach is bullish, with a prudent strategy of buying on pullbacks.
Trading Strategy:
1. Open long positions on retracements to $2415.0 and $2408.0. SL: $2403.0. Targets for upward movement: $2427.0 - $2438.0 - $2450.0.
2. In the event of an unexpected drop to the stop loss level at $2403.0, the next buying opportunity lies near the vicinity of the 60-day moving average.
3. Given the clear bullish trend, it is not advisable to short. Exercise patience and wait for opportunities to enter long positions. It's better to miss out on profit during pullbacks than to engage in counter-trend operations.
