17.01.202010:51 Forex Analysis & Reviews: The golden January auction

Long-term review

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Good day, dear traders! I present you a trading idea for gold.

After the conflict in Middle East, gold entered the zone of a wide flat with fairly clear borders on the extremes of 1563-1535. You can call it a channel:

In such flat channels, they usually trade from false breakdowns of the flat borders.

I will consider 2 scenarios:

Scenario #1:

This plan involves capturing the stops of all sellers starting from January 10. Then, with a false breakdown, hold the shorts to the two goals shown in the chart above.

Scenario #2:

This plan is related to the capture of the local area over the past two days. With a false breakdown, hold longs to sellers' stops from January 10. After that, a false breakdown of 1563 from Scenario #1 will be included :)

Good luck in trading and control your risks!

P.S. The green on the charts indicate the US sessions.

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