As I sit at my desk this morning looking at my pairs I trade I’ve realized the need of “sitting on your hands”
For me gold has been a very good example of this.
Providing you with a 4H chart we can see that price made into the low around 1450.00 . There has been multiple spikes based on trade developments that has just caused the market to build pressure. Where will this pressure take us in my professional opinion I foresee a new leg to the upside. Though before that I expect a drop lower into the liquidity region displayed at 1452.00 to enter this long trade.
My overall target for this setup would be 1600.00 with a lower target at 1550.00
Remember to stay patient and looking at the bigger picture. Regardless of the news there has been no concrete DEAL and any SIGNATURES or MEETING to take place. So therefore investors do not like UNCERTAINTY and for these reasons I don’t see GOLD DROPPING.
There’s many pips on offer 800+ pips towards our target so patience and psychology is key.
Trade safe , cheers !