So Gold did its thing - it went and took out the liquidity that i mentioned in my previous post (around 17 level). Although it did extend itself to a nice round number; 1910. Now that this move is complete - we should be looking at the 1950's.
Buy the dip is still the play for now. Nothing fundamentally has changed. Although, i would watch out for volume around the Powell's speech tomorrow.
at the time of writing 17:28 (GMT). I see price heading for the next liquidity pot - 1925. Don't be surprised if supply enters in after tagging this key level on the lower time frame.
I shall update again in the morning.
Trade closed: target reached
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So not too long after my post yesterday - gold tagged the 24.5-25 levels (depending on what broker you use). And as expected we saw supply enter the market again - with prices falling back down to 1915. I hope you all caught the $10 dollar move - or at least part of it. Today we could accumulate. The range for me now is the 1905 to 1933 level - although I do still have my eye on 1950-1960 by end of the week. Powell speaks later - that will bring volatility. IMO - trading gold is all about having the right strategy and account balance. I personally find scalping to be the safest and optimum with the occasional longer trades; you get to bank profits regularly. It does require more screen watching but for me personally i make more from going in and out of the market than to hold.