From a higher TF gold is bullish. However, right now it’s in a corrective phase inside of the descending channel. Last Friday, gold managed to break the structure to the downside which followed with a major push down. Any pullback can be a potential opportunity to short. BUT, only for the short term. It’s not safe to go against the trend. Remember?!
I will wait for either pullback to the supply zones I marked and wait for a confirmation to short or buy at the demand zone after a confirmation. We should react to price action rather than “predicting”.
It's just an idea of mine.
However, everyone can share their thoughts in the comment section below.
Also, don't forget to support me! :)
Disclaimer: Trade at your own risk. I'm sharing my ideas and not giving trading advice.
Always plan your trade and trade your plan.
I will wait for either pullback to the supply zones I marked and wait for a confirmation to short or buy at the demand zone after a confirmation. We should react to price action rather than “predicting”.
It's just an idea of mine.
However, everyone can share their thoughts in the comment section below.
Also, don't forget to support me! :)
Disclaimer: Trade at your own risk. I'm sharing my ideas and not giving trading advice.
Always plan your trade and trade your plan.
Comment:
first supply is failed. Gold is moving up to test the trendline and 2nd supply zone.
Comment:
Comment:
3H SC tested. Let's see the PA and react accordingly.