How To Look For a High probability Buy on XAU/USD 4-HOUR
Hi Traders,
Gold seems to be setting up for a High probability trade. I love how price is currently consolidating in a Falling wedge kind of manner, this indicates the first signs that price may continue exploding higher.
Price is also currently bouncing off support at 1834.5, If this price holds, we will most definitely see price start tempting the highs of 1841.3 If Price is able to break this level I will start planning for a long position and ride the wave to 1873.
This setup is pretty straightforward and by the book, as they say, our job now is to wait.
If price does break and close below the support of 1832.3 I will no longer be interested in Long positions.
Be safe in the markets.
Renaldo Philander.
Gold seems to be setting up for a High probability trade. I love how price is currently consolidating in a Falling wedge kind of manner, this indicates the first signs that price may continue exploding higher.
Price is also currently bouncing off support at 1834.5, If this price holds, we will most definitely see price start tempting the highs of 1841.3 If Price is able to break this level I will start planning for a long position and ride the wave to 1873.
This setup is pretty straightforward and by the book, as they say, our job now is to wait.
If price does break and close below the support of 1832.3 I will no longer be interested in Long positions.
Be safe in the markets.
Renaldo Philander.