GOLD currently sitting on last year (April - June 2020) confirmed Demand Zone. This zone has been tested in the beginning of the month, sending back the price to the trendline after some times of exhaustion. Touched back the upper trendline, the price is still looking for the bottom trendline. So currently still on bearish trend. Retail trader may be thinking that this will be the support, unfortunately we don't think so as the big institution is still looking at 1650 for the next action.
SELL SCENARIO
You can enter SELL position now @ 1680
TP1 : 1660
TP2 : 1650 (we think this may be the institutional position)
SL : 1690
BUY SCENARIO
We suggest to wait entering BUY position until there is at least confirmed bullish engulfing candle leaving the zone. Then we can start on Long.
BUY STOP @ 1690
TP1 : 1700
TP2 : 1705
SL : 1680
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Disclaimer ON
SELL SCENARIO
You can enter SELL position now @ 1680
TP1 : 1660
TP2 : 1650 (we think this may be the institutional position)
SL : 1690
BUY SCENARIO
We suggest to wait entering BUY position until there is at least confirmed bullish engulfing candle leaving the zone. Then we can start on Long.
BUY STOP @ 1690
TP1 : 1700
TP2 : 1705
SL : 1680
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Disclaimer ON
Trade closed: target reached:
SELL scenario hit our Stop Loss with -100 pips
However, BUY scenario successfully hit TP2 with +150 pips (running)
Net Gold for today = +50 pips
However, BUY scenario successfully hit TP2 with +150 pips (running)
Net Gold for today = +50 pips