GOLD - XAUUSD - Make or Break?
Gold has been under high pressure because of Dollar strenght lately, but it might want to go for a little break up,
It's been grinding down trought a parallel channel/wedge since the beginning of the month to eventually hit the 1800 level, pulling a nice H8 Pin bar showing some strenght in the bulls hands.
It's a risky trade to get in, as we know Dollar is being really strong lately, and I don't see anything that could stop it but, this week isn't seeing any major release, so we might be able to push up a little bit and get a chunk
Since we're falling from 1960, we haven't really see any pullback, and price action has been super tight, hard to get in, but, if it breaks the red descending trendline, then it might want to go visit the 1840 - 1850 Level, and then, it will depend on US data for further continuation up, but for now, if it break that trendline on H1 _ H2, I'll be looking to get to 1840
It's a counter trend situation, so, expect less than if it was with the trend, I'll put my trade to BE as soon as RR reaches 1:1
Cheers everyone and safe trading!!!
Leave your comments!
It's been grinding down trought a parallel channel/wedge since the beginning of the month to eventually hit the 1800 level, pulling a nice H8 Pin bar showing some strenght in the bulls hands.
It's a risky trade to get in, as we know Dollar is being really strong lately, and I don't see anything that could stop it but, this week isn't seeing any major release, so we might be able to push up a little bit and get a chunk
Since we're falling from 1960, we haven't really see any pullback, and price action has been super tight, hard to get in, but, if it breaks the red descending trendline, then it might want to go visit the 1840 - 1850 Level, and then, it will depend on US data for further continuation up, but for now, if it break that trendline on H1 _ H2, I'll be looking to get to 1840
It's a counter trend situation, so, expect less than if it was with the trend, I'll put my trade to BE as soon as RR reaches 1:1
Cheers everyone and safe trading!!!
Leave your comments!
Trade active:
H2 Breakout,
Trade closed: target reached
Comment:
It went for the retest, definitely looks like it's going for TP2