Why? 5 reasons
1. Bullish wolfe potential
2. Support tested 4x
3. Last 1H bullish engulfing candle
4. Good R/R
5. Contrarian trade, lots of people are bearish gold now
Final confirmation is a good close above daily pivot. Watch the candles.
1705 holds and I believe a test higher needed before a major move.
Always have a solid plan when to enter a trade. Dont...
My favorite day of the week is coming.
Gold has been breaking upwards due to huge retailers shorting the Gold. Now, 3 upside wave are completed and met with a daily resistance. I am expecting a retest from previous breakup before heading up. Or maybe breaking down.
Daily and 4H chart pattern is ascending triangle. Wait for 4H bearish break for confirmation to enter.
Watch the blue boxes as target and reaction, if there is no bullish candle, keep shorting.
I am expecting to go below 1700 area.
This is a tricky trade to take. Base on PA, price need to go down for completing the wave for correction to be around 1742. Today until mid next week is pretty important.
Enter Long around 1745 to aim higher.