I am excited to share my insights on the current state of the gold market. As many of us have observed, gold pairs have recently reached an all-time high. Based on my analysis, I have identified two potential outcomes for this setup.
Firstly, if the price respects this setup, it could indicate an uptrend or a liquidity collection by a big player at the top (around 2070 levels), leading to a continuation of higher highs and a potential new all-time high.
On the other hand, if the price breaks below this setup, it could indicate a strong reversal. In this scenario, I recommend using tight stop losses, just 30 pips below the wick, to ensure a solid risk-reward ratio.
As always, it's important to stay vigilant and keep a close eye on market movements to make informed trading decisions. I look forward to hearing your thoughts on this analysis.
Firstly, if the price respects this setup, it could indicate an uptrend or a liquidity collection by a big player at the top (around 2070 levels), leading to a continuation of higher highs and a potential new all-time high.
On the other hand, if the price breaks below this setup, it could indicate a strong reversal. In this scenario, I recommend using tight stop losses, just 30 pips below the wick, to ensure a solid risk-reward ratio.
As always, it's important to stay vigilant and keep a close eye on market movements to make informed trading decisions. I look forward to hearing your thoughts on this analysis.
Trade closed: stop reached