GOLD has a good Long Entry

Hello Traders,
*The Fundamentals:
- GDP Growth: (USD: 2.6%)
- Inflation: (USD: 6.4%)
- Unemployment: (USD: 3.6%) is increasing in the US.
- Interest Rates: (USD: 4.75%)
GDP growth decreases. Inflation and unemployment is getting higher.
The FED policy is increasing the interest rates to lower down the inflation but these going to increase the unemployment and brings up the chances of getting into a recession.
These factors make the investors to look for the save heaven assets like gold especially after the news of the bankruptcy of big banks like /SVB and Credit Suisse banks/

*Sentiment:
-COT Report: shows /67.0%/ of the institutional Future open contracts are long on Gold.
- Retail Sentiment: 72% of retail traders are shorting Gold, which is another good factor, because most of the time the crowd are on the wrong side of the move.

Technical:
The Price has made a strong up move and we can see that the bulls are taking over the market now, it started to make higher highs and higher lows. It made a retracement to the /0.5/ fib zone which is a resistance level as well. This gives a good risk to reward ratio.


Trade Safe !

Yorum:

The price made made a strong up move ... I didn't close the trade, just trail the stop loss into profit .. Good luck to any one who joined.
I most probably close the trade before the market close .I expect the price to make a pullback on Monday next week..

İşlem elle kapatılmış:

I closed the trade with 6:1 ration profit