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120 min Gold Chart & Trading Levels 8.12.2020


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Dear Traders,

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Big moves today’s in the metals, this time to the downside. Massive profit taking triggered some aggressive shorts and silver is down over 10% and gold is down over 5%.
Volatile times in stock indices as well both sides.
Patience is key. I rather “miss a trade” then get in at what I consider a bad entry.
I rather place a limit to buy or sell at areas which I feel will provide a better risk/ reward entry. In the example chart of gold below if I was in theory looking to enter short for short term type of trade, I would place a limit to sell at 1976.
I also marked some of the indicators I like to use on this 120 minutes gold chart. You can see previous LONG signals marked in turquoise and recent SHORT signals highlighted in yellow. If you like to set up a trial and plug these indicators on your charts as well -sign up here.
Would you like to discuss trading techniques, trade management, indicators and more with an experienced broker? Click here for a no obligation, free consultation.

Good Trading

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This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

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