Higher close established on daily Retracement to 1H support (current location) - Could enter on a double bottom here potentially. Entry placed upon break of 15m structures (either aggressive or wait for break and retrace for potential better RR) 3 potential targets identified (1H structures) Stops placed below relevant structures Will update if better setup...
Double bottom forming after bullish 123 move. Formation also happens to be forming on the potential second shoulders of an inverse head and shoulders pattern which is forming at the lower level of a bottom trendline in an ascending triangle. These are all pointing toward more upside. If Initial target is achieved, consideration should be placed in moving stops to...
Interesting range. Either direction is possible with ideas for both sides in place. If I had to bet, Im more incline to say this will drop to the downside (based on daily structure breaks etc)
Gold has a daily uptrend structure and, on the 4H, has now retraced into resistance that could (and has been - to a degree) acting as support. If the orange zone can be violated, a 123 move will be complete and we can begin to look for longs on retracements into structure up toward the previous high and perhaps upto the 1360 mark for second targets.
Looking for shorts to 85 & 84 UNLESS big buyer picks this one up and pushes it beyond the red marked zone (daily support, should turn resistance).
An idea might be to wait for traders to get onboard the obvious head and shoulders forming here and watch if price drops lower with some momentum into areas where obvious stops are placed, and get into a short on a retracement into structures above toward the 1.31 mark. Ofcourse I could be completely wrong and miss the aggressive entry on the head and shoulders,...