There's an opportunity for a medium-term position, whether to take it depends on personal preference. Gold has collapsed over two days and is now near the weekly support level around 4600. Consider a medium-term position with a stop loss at 4000 and a target of 5150. Alternatively, you could use a stop loss at 3800 or exit if the weekly support at 4600 breaks down. It depends on your individual risk tolerance. The risk-reward ratio is approximately 1:1. The main reason is that this is a weekly support level, making it a worthwhile position to consider.
There's an opportunity for a medium-term position, whether to take it depends on personal preference. Gold has collapsed over two days and is now near the weekly support level around 4600. Consider a medium-term position with a stop loss at 4000 and a target of 5150. Alternatively, you could use a stop loss at 3800 or exit if the weekly support at 4600 breaks down. It depends on your individual risk tolerance. The risk-reward ratio is approximately 1:1. The main reason is that this is a weekly support level, making it a worthwhile position to consider.