Gold moved again in the pivot area after having broken down the daily pivot for today. There are two possibilities, if 5th wave has finished in yesterday's hike then the chances are bearish, if it turns out yesterday's hike is a continuation of the 3rd wave then the chances are still bullish. Since divergence appears then the chances are greater in the first possibility, conrfirm if it breaks down the pivot.
Daily Pivot:
R4 1242.65
R3 1230.00
R2 1217.35
R1 1209.40
Pivot 1204.70
S1 1196.75
S2 1192.05
S3 1179.39
S4 1166.74
First option:
-Open long positions if the price does not break below the daily pivot
-TP at the first daily resistance
-SL pivot daily or previous swing low
-Wait for confirmation to open a position
Second option:
-Open short positions if the price breaks daily pivot
-TP at the first daily support
-SL on the previous pivot or previous swing high
-Wait for confirmation before opening a position
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Daily Pivot:
R4 1242.65
R3 1230.00
R2 1217.35
R1 1209.40
Pivot 1204.70
S1 1196.75
S2 1192.05
S3 1179.39
S4 1166.74
First option:
-Open long positions if the price does not break below the daily pivot
-TP at the first daily resistance
-SL pivot daily or previous swing low
-Wait for confirmation to open a position
Second option:
-Open short positions if the price breaks daily pivot
-TP at the first daily support
-SL on the previous pivot or previous swing high
-Wait for confirmation before opening a position
Follow, thumbs up, and share for updates every day
