Forex Signals

Gold Hits the $2,000 per ounce


The gold price reached a new record high on Tuesday trading session climbing until $2,000 per ounce. The strike of the psychological barrier and the breakout of the ending diagonal pattern (read more) supposes an opportunity to sell against the new all-time high reached by the precious metal.

The current movement breaking the upper guideline of the ending diagonal pattern could correspond to a false breakout. The bearish target of the potential sell setup is located at $1,986.67 per ounce, which corresponds to the half of daily advance. The stop-loss level of our countertrend scenario is placed above the daily high at $2,000.67 per ounce.



Trading Plan Summary

  • Entry Level: $1,996.67 per ounce
  • Protective Stop: $2,000.87 per ounce
  • Profit Target: $1,986.67 per ounce
  • Risk/Reward Ratio: 2.5
  • Position Size: 0.01 lot per $1,000 in trading account.

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By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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