Gold- Where to buy and join the ride?
With March ending on a new all-time high at 2233, the first day of April brought about another surge of 300 pips, leading to the question: is it time to sell?
To be honest, there's no easy answer to this question.
Since last Monday,
XAUUSD has indeed risen by more than 1,000 pips, and a correction could occur at any time.
The main issue lies in determining where to place a stop. After all, who's to say it couldn't rise another 1,000 pips before correcting?
In my opinion, it's better to wait for a correction and then join the trend once it's over. A suitable entry point could be found between 2220 and 2200.
However, if you're determined to sell during this strong upward movement, it's advisable to wait for a reversal candle on the H4 chart(at least) to establish a suitable stop-loss level. Only then should you target the aforementioned zone.
To be honest, there's no easy answer to this question.
Since last Monday,
XAUUSD has indeed risen by more than 1,000 pips, and a correction could occur at any time. The main issue lies in determining where to place a stop. After all, who's to say it couldn't rise another 1,000 pips before correcting?
In my opinion, it's better to wait for a correction and then join the trend once it's over. A suitable entry point could be found between 2220 and 2200.
However, if you're determined to sell during this strong upward movement, it's advisable to wait for a reversal candle on the H4 chart(at least) to establish a suitable stop-loss level. Only then should you target the aforementioned zone.
📈 Forex & XAU/USD Channel:
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t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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