We can see from the chart that we have rejected from key weekly and daily support levels, and are now able to look down into the 4H timeframe for short opportunities.
We will either see a break of the marked correction or a further correction back up to the top - either way, we have high probability trades, with high RR.
It is worth noting that, as we come out of the pandemic, "safe" commodities such as gold lose their appeal slightly, to other markets. This is a bearish market now, on the larger time frames. Let's see if we can take a little piece, too.
Good luck, trade safe - and remember to ALWAYS use an SL, and only trade what you can afford to lose. The moves with gold are big, and they are fast - so be prepared!
DrBear
We will either see a break of the marked correction or a further correction back up to the top - either way, we have high probability trades, with high RR.
It is worth noting that, as we come out of the pandemic, "safe" commodities such as gold lose their appeal slightly, to other markets. This is a bearish market now, on the larger time frames. Let's see if we can take a little piece, too.
Good luck, trade safe - and remember to ALWAYS use an SL, and only trade what you can afford to lose. The moves with gold are big, and they are fast - so be prepared!
DrBear
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A beautiful set up provided here for FREE! We are running really well, having dropped the moment we hit our entry point. If you benefited from this trade, please like share and subscribe to my ideas on trading view - it really helps me.