Fairly simple analysis, gold has landed on a weekly demand level (Rally Base Rally) with an awesome fakeout that most likely suckered in bears. I am entering at the .50% fib as I always do.
Confluence:
- Daily Support -BreakOut Trap -Weekly Demand Level -Under the market mean (20 and 10 MA)
I want to comment on this trade and trading in general. It doesn't matter if this trade doesn't go through. It's all about probability and positive risk reward. Be extremely picky when trading, not only that remain objective as possible. It's a cliche to say "trade what you see" but it's entirely true.