Gold prices plunge. What to expect?
On market open earlier this morning due to a low liquidity and many sell orders the price of GOLD plunges with $80 in a matter of a few minutes.
This is not the first time that something like this happens.
Those of us who have been trading for a little bit longer have seen situations like this before due to a low liquidity on GOLD.
Here's another one of those examples from 2015
A $60 downfall in a matter of minutes. A quick recovery followed by another drop back to the lows.
This is what we expect to happen right now!
We had our initial upside move because of the cheap price levels and what we could see now is price slowly heading back down to $1700-1710.
The SL has to be above the beginning of the impulse and if we see the same thing happening with price we shouldn't see market reaching higher values than current price levels!
Follow us to see how this situation on GOLD will develop!
Support us with a thumbs up and a comment below the post!
This is not the first time that something like this happens.
Those of us who have been trading for a little bit longer have seen situations like this before due to a low liquidity on GOLD.
Here's another one of those examples from 2015
A $60 downfall in a matter of minutes. A quick recovery followed by another drop back to the lows.
This is what we expect to happen right now!
We had our initial upside move because of the cheap price levels and what we could see now is price slowly heading back down to $1700-1710.
The SL has to be above the beginning of the impulse and if we see the same thing happening with price we shouldn't see market reaching higher values than current price levels!
Follow us to see how this situation on GOLD will develop!
Support us with a thumbs up and a comment below the post!
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