Gold is on the move, trying to break out. I have been reporting in several videos and messages on Discord that in order for Gold to achieve a breakout, it must gain solid footing about the 1750-1800 level. It needs to stay there and establish a base in order to advance from there. This is a long-time level that goes all the way back to 2011. if it can do that, then we’ll see much higher Gold prices sooner than later. If it doesn’t, then either more consolidation below that level, perhaps even a major pullback.
So, I think the odds are with this not being the time, that Gold will fail at the breakout and consolidate some more. So, here is the zone I think we’ll see that consolidation, and the Iron Condor I believe has a good chance to collect some serious Theta.
This is the analysis and placement of the profit zone of the Condor in yellow.
Do you have a question about this trade? Go to the Discord channel and mention my name @TraderOfFutures and post your question there for all to see. This will elicit the quickest response and help other members who might have the same or similar question.
