The USD fell last night on consumer confidence and housing data. Watch the price as it approaches the fib level. If it breaks through the next level is a big move down which may launch the gold price as it battles through the monthly bear market line.
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What’s a gap (up or down) in the price? Simple. A jump usually on open of the market. 8am on a Monday. Not only open but also a shock or surprise event or announcement. Should you trade them? I don’t. Very often they can be an attempt to manipulate the current price by dumping a large gold contract. Or the market will be factoring news released over the weekend. The danger is to be triggered to trade in the same direction when what usually happens is the price then retracts to move back toward the trend. Don’t be triggered. Control your mouse finger.
If the dollar falls through the support it sits at this week the next support line is 94. A big move. This could be what will push gold next week and maybe even next month.
When you begin as a trader it’s all foreign. With time of course it all becomes second nature. Don’t be scared of breaking anything. If you place a trade in a real account simply close it by clicking the x in the terminal window. Ideally play for a few days in demo and learn as fast as possible. Place trades, let them run, set profit, set stops. If you blow up the account start another one. They run for 30 days if you don’t blow them up!
A great resource is the Go Markets YouTube channel or any other Youtube channel. Simply search for the problem you need answering.
GoMarkets on Youtube