GOLD (XAU/USD) Is now showing some interesting price action based on the daily timeframe, Let’s start with the obvious, Price has been creating lower lows and lower highs and now we are currently pulling back to an important key level. I can see that price is now also testing a trendline and we can expect some rejection.
I would like to see price break the low of 1740 on the current daily time frame before I will even consider shorts. My entry will be a break and retest based on the Daily timeframe and then we can look to refine the entry on the 4-hour time frame.
My target is the low of 1681. I believe this will be a solid target if it is able to change structure to a more bearish environment. Looking on the flip side, The trendline has been tested multiple times and there is a chance that it will break and price will push through, hence we need to wait for the structure to turn bearish.
Let’s wait and then take a look closer to the time when the setup is ready.
Renaldo Philander
I would like to see price break the low of 1740 on the current daily time frame before I will even consider shorts. My entry will be a break and retest based on the Daily timeframe and then we can look to refine the entry on the 4-hour time frame.
My target is the low of 1681. I believe this will be a solid target if it is able to change structure to a more bearish environment. Looking on the flip side, The trendline has been tested multiple times and there is a chance that it will break and price will push through, hence we need to wait for the structure to turn bearish.
Let’s wait and then take a look closer to the time when the setup is ready.
Renaldo Philander