On gold, we are inside of a monthly (1238.23-1205.49) and weekly (1243.13-1205.49) demand zones. There is also a daily supply zone formed just above us but this zone working out is low probability.
We have 2 alternatives that may happen here;
1- Red: We may go to lower timeframes and look for good buying ...
MONTHLY: we are currently inside of a monthly demand and expecting a bounce from this zone
DAILY: the price is far away of a daily supply now, and it may want to test it
H4: it has just created a new H4 demand zone. Test of the zone should be a good buying opportunity
TP1: just before the H4 ...
Since it is very low on the altitude for shorts, we should just look for a quick 1:1, not more.
This trade is an aggressive one
DAILY : Currently, we are far away from daily demand and price is way extended to the upside.
H4 : H4 zone direction is down
H1: there is an H1 original zone inside of an H4 zone
TP1: 1:1 Ratio
TP2: Trail stop till the lower channel line or the daily demand zone