Gold Neutral idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: We are very clearly bullish on gold but we are currently resting at 1800.00 resistance waiting on some reactions to better understand where gold will go next.
We know we want to ride the overall bullish trend so ideally, we are looking for a retest of 1735.00 with strong bullish rejection. Look to enter long if this happens and re-target 1800.00
Trade scenario 2: While we are waiting for a bullish scenario, a retrace will have to occur first. Due to the heightened volume as of recent, we could see a massive retracement to 1735.00.
If we can spot clear 1 hour & 30minute bearish structure near 1800.00 we will potentially have a nice counter trend short opportunity down to 1735 support.
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: We are very clearly bullish on gold but we are currently resting at 1800.00 resistance waiting on some reactions to better understand where gold will go next.
We know we want to ride the overall bullish trend so ideally, we are looking for a retest of 1735.00 with strong bullish rejection. Look to enter long if this happens and re-target 1800.00
Trade scenario 2: While we are waiting for a bullish scenario, a retrace will have to occur first. Due to the heightened volume as of recent, we could see a massive retracement to 1735.00.
If we can spot clear 1 hour & 30minute bearish structure near 1800.00 we will potentially have a nice counter trend short opportunity down to 1735 support.