XAUUSD (Gold) - Beware of The Spikes! What's Next?
Hi Traders. In yesterday's market breakdown, I talked about potential trap on Gold as most retail Traders jumped onto the sell side. If you followed the plan and took some short-term long setup, It would've been a nice intraday move.
As Gold is still moving towards 1790 - 1800 area, I personally will take a step back and observe further.
Two different scenarios:
1. If Gold begin dropping at any point, we'll need to see a break below 1760 to confirm the short-term Bearish bias
2. If Gold breaks above 1790, avoid jumping onto the buy side immediately too, it could be another trap/ Probe for liquidity purposes
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
As Gold is still moving towards 1790 - 1800 area, I personally will take a step back and observe further.
Two different scenarios:
1. If Gold begin dropping at any point, we'll need to see a break below 1760 to confirm the short-term Bearish bias
2. If Gold breaks above 1790, avoid jumping onto the buy side immediately too, it could be another trap/ Probe for liquidity purposes
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
