Second retest of support and a sharp volatile rejection, holding the area with increased bullish momentum. Targeting the previous highs for R of around 1.5/2. Could retain small lot positions to go further to create a higher high on H4 TF.
TRADING IDEA --- NOT AN INVESTMENT OPPORTUNITY!
gold price is making series of higher high and higher low on H1 time frame along yellow trend line zone
resistance 1850, 1877,
support 1780 at the time of writing
1753, 1721 and 1677
bearish on breakout of trend line
sell on retest of trend line or side way correction
support 1753, 1721, 1677
bullish as long as price is...
The price has been in a beautiful bearish Parallel channel since September 17, 2021. The price also responds really well to the midline of the channel.
The price is down until it breaks the price of this channel from above.
overall on the Daily we are on the bearish flow, I dont think its gonna rocket up (if there are no news) so overall bearish.
I guess we will have a reaction from that IMB to the downside or we have to wait untill price reaches imb or OB and look for change in MS.
Gold dropped suddenly without any unusual news
The resistance area 1786.294-1788.097 is showing positive signals, RSI is below 30
The ability to form a Pull Back is very high
Ignore the abnormal wave from 21 to 22 o'clock on October 22,
the wave bottom area should be noted at 1776,376
Buy current price 1786-1788.1
Stop Loss: 1776,376