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GOLD is sitting around supply and round number 1900.0 so we will be looking for sell setups on lower timeframes.
on H1: GOLD formed a valid channel (in red) but this setup is not ready to go yet. We are waiting for the sellers to take control. (projection in purple)
Trigger => Waiting for a momentum candle close (H1) below the last low (gray area).
Until the sell is activated, GOLD would be overall bullish and can still trade higher till 2000.0
As price approaches the lower orange trendline from H4, we will be looking for trend-following buy setups.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
GOLD is sitting around supply and round number 1900.0 so we will be looking for sell setups on lower timeframes.
on H1: GOLD formed a valid channel (in red) but this setup is not ready to go yet. We are waiting for the sellers to take control. (projection in purple)
Trigger => Waiting for a momentum candle close (H1) below the last low (gray area).
Until the sell is activated, GOLD would be overall bullish and can still trade higher till 2000.0
As price approaches the lower orange trendline from H4, we will be looking for trend-following buy setups.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich