The price of Gold has been moving in the bearish direction for quite some time, which established a bearish trend in the medium term. Market price is almost at a major demand zone. Looking at the chart, it is quite simple to realize that the market has failed quite a number of times to break below this demand level. Chances are that the market will bounce off the level again.
As a market play we will be looking at these fundamental confirmations: the pressure of bearish momentum when entering the demand zone, we will specifically focus on market structure to see the following - a drop base rally. A candlestick pattern forming the drop-base-rally would be an ideal confirmation.
Entry : buy limit @ distal line Stop loss : below proximal line.
From mod @zAngus