Gold Likely To Take Support from Trend line
Updated
It's a good risk to reward. I have set an order to go long at 1240 and a stop loss just below previous support. Take profit is also set at previous resistance. This is a long term trade and could easily take 4-5 months to achieve its target. The 50 day MVA is also likely to provide support at this area. Will watch candlesticks carefully around this area to get a good idea.
Note
Order has not been executed. Seems like the 50 day MVA (RED) is providing resistance and the 200 day MVA (BLACK) is also acting as support.Note
Order has been executed.
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