2506 30M PLAN GOLD looking up to 1800 with RR almost hit 5
Hello traders,
This week is a sideways week for gold after last week strong new impulse leg on 4h chart.
Price got a final drop on last Friday New York session and made RSI DIV in the New York Friday afternoon. The first new swing went so well by strong buying momentum from then till this Tuesday. Then got exhausted to run inside a small channel down the the 1h support zone.
On Wednesday, price slowly move inside the new channel up and rallied up to hit 1h resistance zone in the NY session too. Then it start to drop from the 1h resistance zone, down to retest the 1h support zone twice. One on Thursday and one in the Asia morning on this Friday.
So that was what happened for gold this week.
Not too many trading opportunities on 1h chart but you can find some on 15m or 5m chart during those EURO and NY sessions for intrady day.
Now on this 1h chart, we got a new plan or trading idea like this.
Take the 1h support zone as valid since it has been test at least 4 times now. Price is making sideways again and a strong bullish candlestick has breaking through the average band on 30m chart. So you should take 30m chart as your decision chart to in and out. 1H resistance zone is our 1st target zone since it looks good if you take a entry position now with RR>3. And check on 4h chart, it is possible to make higher position up to 1800 with RR>5. We dont see any reasons to open sell now but this 1h support could be a reason to open buy.
So this is the 1st plan for gold in this week. In the final trading Friday. We hope this is end of sideways movement and gold would start daily corrective wave now.
Good luck !!!
LESS IS MORE!
This week is a sideways week for gold after last week strong new impulse leg on 4h chart.
Price got a final drop on last Friday New York session and made RSI DIV in the New York Friday afternoon. The first new swing went so well by strong buying momentum from then till this Tuesday. Then got exhausted to run inside a small channel down the the 1h support zone.
On Wednesday, price slowly move inside the new channel up and rallied up to hit 1h resistance zone in the NY session too. Then it start to drop from the 1h resistance zone, down to retest the 1h support zone twice. One on Thursday and one in the Asia morning on this Friday.
So that was what happened for gold this week.
Not too many trading opportunities on 1h chart but you can find some on 15m or 5m chart during those EURO and NY sessions for intrady day.
Now on this 1h chart, we got a new plan or trading idea like this.
Take the 1h support zone as valid since it has been test at least 4 times now. Price is making sideways again and a strong bullish candlestick has breaking through the average band on 30m chart. So you should take 30m chart as your decision chart to in and out. 1H resistance zone is our 1st target zone since it looks good if you take a entry position now with RR>3. And check on 4h chart, it is possible to make higher position up to 1800 with RR>5. We dont see any reasons to open sell now but this 1h support could be a reason to open buy.
So this is the 1st plan for gold in this week. In the final trading Friday. We hope this is end of sideways movement and gold would start daily corrective wave now.
Good luck !!!
LESS IS MORE!
