Gold, still showing bearish order flow, the price action has been a little bit tricky and not super clean, however this is normal when there is alot of consolidation. Notice price traded back to the MOP prior to liquidation of the lows, this is a really good sign prior to news.
Price has created some change of character on the 15m & 30m chart, this is internal structure whereas the swing structure is being respected but generally large wicks.
Liquidity is being built both sides of the market.
Today we have central bank leaders talking at the same time from UK, EU & US so am expecting volatility in the market.
If price can trade near or to the daily gap, at this point I will be considering longs.
Sometimes its good to think what can do the most damage, alot of people and institutions will be long on gold protecting their positions behind 'key' lows, now the market is becoming difficult to read if you are not looking at the higher time frames. We as traders need to always be looking at the draw on liquidity to understand a directional bias, then we are looking for entry models.
Price has created some change of character on the 15m & 30m chart, this is internal structure whereas the swing structure is being respected but generally large wicks.
Liquidity is being built both sides of the market.
Today we have central bank leaders talking at the same time from UK, EU & US so am expecting volatility in the market.
If price can trade near or to the daily gap, at this point I will be considering longs.
Sometimes its good to think what can do the most damage, alot of people and institutions will be long on gold protecting their positions behind 'key' lows, now the market is becoming difficult to read if you are not looking at the higher time frames. We as traders need to always be looking at the draw on liquidity to understand a directional bias, then we are looking for entry models.