The movement of gold price was a little special, due to there's Italian referendum after NFP in this month, so it dropped to $1157 finally on Monday,after the result came out, just priced in the good NFP number effect to gold.
Then it was pullback quickly above $1170, after hitting $1157, so being regarded as an false break out.
The following strategy is buying dips.
Entry:$1167 or $1164
SL: $1156.5
Tp1: $1187
Tp2: $1199
Then it was pullback quickly above $1170, after hitting $1157, so being regarded as an false break out.
The following strategy is buying dips.
Entry:$1167 or $1164
SL: $1156.5
Tp1: $1187
Tp2: $1199
Trade active:
$1169 holds, I entered a few positions at 1172.
Watch if it can break out 1180
Watch if it can break out 1180
Comment:
Unable to break out $1170 so far within today, looks bearish. In 4H chart, if applying ABCD, D target at $1151. Then what is your counter measure?
But it looks weak, just take care,ok for small positions.