My setup remains the same, I will focus on GOING LONG for XAU/USD at price 2033.5 - 2030.5. If we look back at yesterday market formation, buyers are entering the market significantly. Another push from the buyers for today then I'll hold my long position until 2055 level.
Price make a breakout from the support structure and strong RBR was created. Price potentially could retest the BO zone again before making the continuation to fly higher. Interest rate seems to remain unchanged post Waller speaks on Tuesday. Could XAU/USD reach a new higher high of all time? No one know..
Price arrived at Daily supply zone. There's still no clear reversal structure. Buy and Sell, maybe we'll have to wait for the market to create its structure first. If it breaks the nearest support, I'll shift my bias to sell.
With the US economy getting better, expecting for greater PMI result on news release. London session could pump the price before full fall. Maybe no maybe yes, decision should be made after clear structure. Its a waiting game after all.
The price might already enter critical daily zone. But so far, there's no selling (Bearish engulfing) structure. Market still bullish after all on major trend. It takes time to create reversal formation, thus I'm still long on gold.
