Hi Traders,
As we approach the middle of the New York Session, I see a potential setup on XAU/USD which we can take advantage of on Monday. Price has risen sharply off the Feds release earlier this week.
Looking at structure I see a potential buy coming on if we manage to get a retest of the broken support. I would like to see price pull back into 174500 and then reject where we can be looking for our entry, I would like to see A rejection and some consolidation in the area before attempting to take a buy. A bullish engulf would also be ideal.
Looking at where price is currently trading it could just give a push up to target without pulling back, If that happens we can find a potential entry above 1765.00. If price ends up pushing down without any signs of stopping I will be looking at a short position.
My target is the psychological level at 1800.
Hope you all had a successful one
Renaldo Philander
As we approach the middle of the New York Session, I see a potential setup on XAU/USD which we can take advantage of on Monday. Price has risen sharply off the Feds release earlier this week.
Looking at structure I see a potential buy coming on if we manage to get a retest of the broken support. I would like to see price pull back into 174500 and then reject where we can be looking for our entry, I would like to see A rejection and some consolidation in the area before attempting to take a buy. A bullish engulf would also be ideal.
Looking at where price is currently trading it could just give a push up to target without pulling back, If that happens we can find a potential entry above 1765.00. If price ends up pushing down without any signs of stopping I will be looking at a short position.
My target is the psychological level at 1800.
Hope you all had a successful one
Renaldo Philander