JICPT

Check this out! Gold reached my buy zone!

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
Technical Analysis:
  • Weekly: It's the first flip zone since the correction. It's still in the bull market on the weekly time frame.

    Daily: I just refined the zone a bit. Though, still too wide to place trade.

    Hourly: Patiently waiting for the formation of the candles. I would expect bull candle patterns show up! e.g. bullish engulfing patterns...

Always don't rush to place your trade. Wait for the market to show hand!

Factors on my side:
1. Weak USD
2. Monetary easing policies

Factors not on my side:
1. Vaccine removes uncertainty
2. SPDR holding continues to fall indicate money is leaving
3. Chinese big banks banned new precious metal trading account opening(T&D) for compliance reasons.

Comment: Price touched the entry zone on weekly chart. I check the 1H and found that it seemed to refuse a lower low, maybe a sign of reversal. I still need to check it later.
Comment: I was really busy and got no time to update. Now, price has taken over a critical selling zone and if you missed the long setup. My long setup based on the 1H is this:
Entry: 1811, stop: 1807, Target: move your stop the nearest pivot level after new high formed.
Comment: Price touched 1850, the edge of the yellow zone.

plan your trade and trade your plan