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
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$1169 holds, I entered a few positions at 1172. Watch if it can break out 1180
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My 1st entry $1167 hit, added some. But it looks weak, just take care,ok for small positions.
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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?
Something is cooking in the gold market at this levels. Curious how we broke down to 1165.40 and recover quickly and then in European session broke up 1170 (still to consolidate). Seems they are playing with us now.