Dear Gold Trading Idea Traders

The trading signal from last time did not go according to my expectations. The GBP/USD opened with a bullish gap and pretty much negated the signal. The price continued to go up and attract more buyers. Having a losing trade is a normal thing and is actually very healthy, as long as you cut your losses fast. As I have discussed in my previous article, trading could be compared with chess. You constantly keep on thinking about new ideas.

The gold trading idea from today is a bullish one. I am looking that gold is getting ripe for more gains. The candlestick formation from yesterday was an inside bar. Today, there is another inside bar, which is accelerating the magnitude of the first one. Now, I can see a confirmation from the lower timeframes, as well. I will be looking to enter in a long position at 1243. My stop-loss would be placed just under 1225. My initial target is the level of 1270. From then on it depends on price action to see whether we have more scope for further gains.

Happy Trading,

Colibri Trader

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