Short YouTube trading commentary by Alan Solarsh (master trader, FBS ambassador) reviewing gold price charts. He points out the 8-period exponential moving average and the 200 moving average, discusses possible price moves (toward the 200 MA or north), and explains he only takes long (buy) positions in gold because he treats gold as a store of wealth and avoids shorting it. The video closes with a typical CTA (comment, like, subscribe).
Alan Solosh here, master trader and ambassador of fbs. Let's look at the charts again. So as you can see, the first candle has opened above the 8 EMA over over there. The 8 exponential moving average which is this line over there. Now two things can happen here. The price can either go north or south. Currently we're still south and maybe the price will go down to the 200 moving average. If not, the price will go north. We have to wait for this channel to break although. Or south. I don't trade south because gold is a storage of wealth so there's no point in us trading south. We never know when the price is going to actually drop and if we should be shorting gold. And for that reason I don't short gold. If it was a normal currency, sure, I would be shorting but not gold because it is a storage of wealth. So if you've got any questions you can ask on the video, you can comment like and subscribe and I'll see you on my next video. Cheers.
Double bottom forming - Gold ready for $4000 #trading #technicalanalysis #xauusd
