Good Morning, to keep it short and sweet, we are looking for buys on the break of the previous candle high.
I am taking a buy here in this scenario due to London open, HOWEVER, London Open is always a volatile and sometimes nonsensical time in terms of how the market will react. We need to play this carefully so don't risk too much.
IT IS A FRIDAY! TAKE IT EASY...
USD PPI news today at 1:30pm BST+1 which means Gold will be more volatile than normal, as it's also a friday price tends to move a bit more unpredictably, however taking trades with a small risk 0.5% or below of portfolio these are good setups with the correct price management strategies.
Xau/Usd just made a breakout of a 4h trendline. It's above it and is rejecting it consistently. This is showing us that gold is ready to move up, and is going to break out soon.
Buyers are in the market since 1700 level, rejection of the 1730-1740 area already occurred.
Now seeing what indicators say they do confirm that we are entering a really strong and...