Casey_Yeo
Short

XAUUSD - Will market respect structure again?

FX:XAUUSD   Gold Spot / U.S. Dollar
245 5 1
Market has previously respected resistance zone around 1313 and sold off. Now it is coming back up to another resistance zone around 1305. Will this zone be respected? It seems highly likely.
If long, you are trading on the bullish echo of the last move. Respect stops if long. This way you don't get caught in a sentiment change such as unexpected fed inflation precaution signals.
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iggi8899 iggi8899
Here is a pullback scenario;
snapshot
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iggi8899 iggi8899
lastly, if you are going to daytrade, just flip a coin. :) the velocity of the last move means that a days variation has no meaning. :)
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fail
+2 Reply
Casey_Yeo RougeFX
there may still be a false break there.
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