Daily bias is still Bearish.
Gold has retraced to .62 on Fib which is also known as Optimal trade entry (OTE)
The hugh impulsive movement has created a massive Fair Value Gap (FVG) Which will likely fill in once prices continues its daily bearish movement. The questions is, how far will it retrace? or will this impulsive movement create new highs, changing the characteristic of the trend.
Confluence 1: Daily Bearish Bias
Confluence 2: OTE retracement
Confluence 3: FVG created which will be filled
We will look for lower time frame confirmation to sell such as Break of structure or Change of character. Patience is Key. Good luck traders!
Gold has retraced to .62 on Fib which is also known as Optimal trade entry (OTE)
The hugh impulsive movement has created a massive Fair Value Gap (FVG) Which will likely fill in once prices continues its daily bearish movement. The questions is, how far will it retrace? or will this impulsive movement create new highs, changing the characteristic of the trend.
Confluence 1: Daily Bearish Bias
Confluence 2: OTE retracement
Confluence 3: FVG created which will be filled
We will look for lower time frame confirmation to sell such as Break of structure or Change of character. Patience is Key. Good luck traders!