The selling pressure maybe easing a bit on the oversold Gold around this 1285-1290 support level, but it needs to break above 1300 either today or tomorrow to start the corrective move. Heiken Ashi (right panel) maybe also suggests the reversal is close. In that case we can expect a spike to ard 1325 level first.
It is not easy to play it with good risk reward to be honest. As usual I try to buy. If you enter here with stop loss 1283 vs TP 1325 that is abt 2,5 RR. Since EURUSD rejected to go lower as well, and we may see some position sqareing on everything, I try to go long on Gold again.
It is not easy to play it with good risk reward to be honest. As usual I try to buy. If you enter here with stop loss 1283 vs TP 1325 that is abt 2,5 RR. Since EURUSD rejected to go lower as well, and we may see some position sqareing on everything, I try to go long on Gold again.