Gold Hits Target!

Our trade setup on Gold (XAU/USD) from Monday’s analysis (1st June) is trading very close to our target at the 1408.2 price area. Nevertheless, we have adjusted to take profit at the current price level at 1405.0 (we are roughly out 18-21 pips away from the aforementioned price target). We are of the view that a significant psychological area at the 1405.0 price area is serving as a near term resistance. Price is currently finding resistance here and due to our risk mitigation strategy, we are quite convinced that we should look to close in on the trade which is roughly around +130-160 pips in profit from our entry point as at the time of publishing.

Gold (XAU/USD) 1-Hour chart showing price closed out in +160 points profit

In monetary terms, for instance, clients that traded with:

N100 (trading amount) * 160 points = N16,000 N1000 * 160 points = N160,000 N2000 * 160 points = N320,000 N10,000 * 160 points = N640,000

N.B: Depending on the trading amount returns could be lower or higher than the above examples.

At EGM, will would always strive to ensure that our clients are profitable!

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