After forming a base ( double bottom ) on 30 March, gold began its journey to recover previous highs. Until now it has been stair stepping its way up within an up sloping channel, but now looks ready to break out and accelerate. I am targeting $1950 at first and if price action is supportive, will look for it to achieve the $2,000 mark.

GOLD Daily 24.05.2021

A word of caution – This commodity has already become overextended from the 20 EMA (check out the weekly chart too). When this happens, a reversion to the mean usually occurs, so I expect a (large) retracement to occur soon. Watch out for that as it will provide a great opportunity to get onboard and ride this train.

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Ravi Madan
After a rocky start in 2010 (blowing up a $10,000 trading account), and experimenting with various indicator based systems, he found his comfort zone and success with price action trading. He does not study chart or candlestick patterns, instead relies on what the chart is telling about direction, strength and the flow in the markets. He advocates that the most vital components to trading success are: a trading plan, following it 100% of the time, keeping a positive R/R ratio,sound risk and money management, patience & discipline. Keeping a journal where every trade is documented is an essential tool for learning and enhancing skills. Finally, never trading without a stop, never moving the stop away from price and not being ina hurry to move it to breakeven either, complete his trade execution style.He also publishes trade ideas on TradingView.