VasilyTrader

GOLD (XAUUSD): Have You Seen This BEAR MOVE?! What is Next 🥇

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar

Hey traders,

I guess we all were surprised how the price dropped yesterday.
With NPF Gold lost almost 2,5%.

What's now?

Ahead, a key structure support and summer's low.
1750 - 1760 is a demand area.
I will look for an intraday confirmation within that zone to buy catching a pullback.

What is confirmation?
To me, confirmation is a reversal pattern ( h&s / double bottom /triangle/ wedge )
being formed within an underlined zone and its neckline breakout.

Closest support for target - 1787.

Alternatively, if you are looking for shorting opportunities,
consider a bearish breakout (daily candle close below) of an underlined yellow structure.
It will push the market to lower structure levels.

Have a great weekend!

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Comments

What about CPI on Monday?
Reply
@hhsoni09 not CPI , JOLTS Job Data?
Reply
@hhsoni09, Let’s wait and see the reaction, brother
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