This is my view on gold. Overall my bias is still short. The new monthly candle is open which price will take liquidity from the top side as an overall movement for the price is down. IF I m wrong then price will make a UTAD and looking for a sell on the retest. Price will reject from 1740 as it is a break of structure as could be a second test and there is unfilled OB. Personally I like to my entry on a small time frame and book profit.
So do you think the price will drop from the 1730 mark? or keep going up like it has been doing?
AyDevilss
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@adnanh124, You meant 1740 and Yes. Why did Gold move up well it was the start of a new month and new candle this where an institution like to enter and the price rejected off the ORDER BLOCK? Price will test around 1740 - 45 because there is BOS and when structure break price will reject. The rejection is the point of entry. Only look for entry when you see the confirmation. If the price makes the higher high then that means, gold is creating a UTAD which then means entry should be on the retest for the downside push. Remember Overall Structure is down. Entry should be done on the lower time frame and taking partials on the way with breakeven because the price can go to 1780