What a week it has been. Lots of beautiful setups all week on many dollar based pairs. Whilst all of that has been going on, I've been sniping entries on Gold in preparation for the reversal that will take place soon. The Monthly & Weekly Orderflow on this pair is . Despite the sharp drop after FOMC last week, the bias remains intact and as a matter of fact, I have even more conviction in this trade.
Technically speaking, Gold should rally as it's extremely undervalued and dropped directly into my Buy Zone where I'm looking for a solid reversal structure on the H4. Although it's not fully formed yet, I have a feeling that when Gold moves, it will be aggressive and it will not be moving in any other direction other than up and until those targets above are yet.
Fundamentally speaking, Gold may rally as is as its all time highs (catalysed by the incredibly high rate that took place last year) and reports do point towards this commodity being .
Here I give you a potential entry point and stop loss that provides an RR of 1:5/1:6; however, my entries on the lower timeframe provide a superior risk to reward.
Let's see what happens.
Trade at your own risk & manage your risk effectively should you trade this idea.
If price takes my stop, there's another entry opportunity slightly below.
If it takes the Monthly Swing Lows, I'm out until a bullish reversal structure presents again. I doubt this will be the case, but success is when opportunity meets preparation...
Preparation is key.
Be prepared for any and all outcomes.