Hello everyone, if you like the idea, do not forget to support with a like and follow.
GOLD is sitting around strong support in green so we will be looking for buy setups.
Before we buy, we want the buyers to prove that they are taking over again. You don't want to buy a bearish market right?
on H4: GOLD is forming a wedge pattern in red but the upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)
Meanwhile, until the buy is activated, GOLD would be overall bearish can still trade lower or even break the 1800 zone downward.
Good luck!
All Strategies Are Good; If Managed Properly! ~Rich
The US10Y and now the DXY are gradually falling. The DXY was temporarily pumped during the correction because of fear. That fear has now subsided as markets have rebounded. With both the DXY and US10Y heading down, PLUS the imminent passage of the massive infrastructure bills, gold will break out of the range.
TheSignalyst
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@braingirl1994, thank you for your input :D good logic here