Based on what happened last day, we've got a confirmation Candle from the Bearish Engulfing pattern that happened in Monday.
This candle gave us a sign that the correction might be continue.
A combination of a strong U.S. dollar and a risk-on environment, created as the Dow Jones Industrial Average flirted with 23,000, caused many traders to doubt the ability for gold prices to hold value.
My position got stopped out @1286.50 with only +30 Pips profits.
Luckily I have already took another buy position that give us profit around +100 Pips.
By now, we have to wait for the exact confirmation to re-entry. Wait for the Support test at 1281, if the prices break this support. This could expose another Support at 1263 in the 0.382 level of Fibonacci.
Good luck and have a nice profit!
Thanks!!
This candle gave us a sign that the correction might be continue.
A combination of a strong U.S. dollar and a risk-on environment, created as the Dow Jones Industrial Average flirted with 23,000, caused many traders to doubt the ability for gold prices to hold value.
My position got stopped out @1286.50 with only +30 Pips profits.
Luckily I have already took another buy position that give us profit around +100 Pips.
By now, we have to wait for the exact confirmation to re-entry. Wait for the Support test at 1281, if the prices break this support. This could expose another Support at 1263 in the 0.382 level of Fibonacci.
Good luck and have a nice profit!
Thanks!!