I have highlighted an important weekly .
there are many traders on here trying to catch the reversal on GOLD . don't do it. Let the reversal go , it is not worth buying it.
Market Makers, banks know this , you will be caught in many fake outs before gold reverses. at the end of the day, nobody knows where the reversal will take place.
I am using Heiken Ashi on Gold because Heiken Ashi paints a clearer picture on where the reversal may take place.
Let the reversal go and watch for any opportunities to short it ,and hold long term, much easier.
The 1234 area as you can see i have put a dotted line to represent, a weak , yes a bounce can take place from here, but I am not holding my breath, it can easily get to 1200 first before we get a bounce.
ATM there is no trade, no longs or short
*Not Trading advice, just my opinion*
If you wanna play the bounce, AUD/USD would be a better pair to buy. but you must exit quickly as its a short term bounce. Dont buy it if you dont have an entry and exit strategy, wait for an opportunity to short it