Asia and the Euro sessions set up the bear bias for yesterday, with the America's finding final support at 1939.78 and bulling back to safe zone above the SMA50 (1H TF SMA20). I now have a "Flat Top" Channel replacing my original bearish correction Channel that was broken with yesterday's bearish action.
I will open Long positions inside the lower deviation of the 1/-1 Regression Channel supported by the SMA50, tp above the upper deviation, sl followed up to the center line. vice versa for Short positions.
I expect major breakouts above or below the "Flat Top" Channel within the next week as we are heading for a pinched price situation on continuation of the current trend.
The Regression Channel for this week also confirms that the bias is still Bullish for Long Side Trading.
With the US recession confirmed with a major blow to their GDP, pressure on the Dollar will surely keep Gold fluctuating with leading Indicators the best tool for day trading by my view.
Trade the price (or the gawk) and Survive! 🖖
I will open Long positions inside the lower deviation of the 1/-1 Regression Channel supported by the SMA50, tp above the upper deviation, sl followed up to the center line. vice versa for Short positions.
I expect major breakouts above or below the "Flat Top" Channel within the next week as we are heading for a pinched price situation on continuation of the current trend.
The Regression Channel for this week also confirms that the bias is still Bullish for Long Side Trading.
With the US recession confirmed with a major blow to their GDP, pressure on the Dollar will surely keep Gold fluctuating with leading Indicators the best tool for day trading by my view.
Trade the price (or the gawk) and Survive! 🖖