I am still waiting for a proper short term set-up to confirm these trades but this is my plan for gold. I usually plan for shorts as well but I think the fundamentals are not there so I am looking for longs only for the time being. This analysis depends on the current support actually holding however so I am flat for now, but I wanted to share my plan.
Order cancelled:
Won't take the long because support wasn't able to hold. Will probably revisit this idea at a later time but for now I think it is best to be on the sidelines.
Trade active:
Started buying a bit with shorter time frames.
Trade closed manually:
Took some profits as I don't like to hold on to many trades over the weekend. Will revisit next week.
Comment:
Here are the key levels that I see. I just got out of a long when I saw price rejected from the green trendline. If I see accumulation I will go long. I will add if we break the green line and buy more if we break the blue one on the upside. I expect volatily in the next few days so for now I think it is prudent to watch from the side line for a bit.
