Best Weekly Trading Strategy for THis Week!

  • Jun 24, 2024, 09:01 AM

What would make your best weekly trading strategy for this week? What financial instrument would you consider profitable this week? This brief analysis will be our guide to gold this week. Let us consider the trend and probable entry key levels this week.

We considered the weekly and 4 hours charts for gold in this purpose as shown below:

Weekly Time Frame

From the weekly chart above, we can see that the market structure has been bullish until price was stalled at the top for several weeks now. We can also notice that after the formation of the bearish engulfing identified by the green arrow, price has been unable to beat both the high and the opening price of the same bearish engulfing candle. This suggests that the bulls are having a hard time pushing price higher as the bears are putting in all efforts they can muster to force price down.

While the battle for supremacy rages, we will scale down to 4 hours and make our trading decision for the week...

4 Hours Time Frame

Now from the 4 hours chart, gold has been in a sideways mode for the past 2 weeks.

However, based on the fall from June 7 to the low of same day (note that the support formed on the 7th of June has not been broken or tested till date), we can make our inferences.

Using the Fibonacci Retracement levels, we recommend looking for Selling opportunities around 2337.33 (50% Fib Retracement) and the range between 2349.22 -2351.41.

Your stop loss can be placed around 2388.70.

Take your Profits around 2325.45, 2318, 2302, 2286.96, and if it still goes further down at 2224.71.

I trust this will make your week profitable.

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From all of us at the Pipsoclock Team, we wish you a very profitable trading week!

Trade to WIn!

Ifeanyi Uche



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