We're at a crucial level, at the top of an HTF descending channel and the 1-hour ascending channel.
I expect a retracement where the 2024 level is essential. If we find support here, we can test 2044, a break will make gold bullish.
If we break 2024, then we can retest 2000.8 and potentially break the 2000 level again. These events are critical since we have high-alert news events every day in week 9.
In the short term, I'm in a sell from 2039 with a 0.5% risk, and the trade is at break-even because we had a strong impulse on Friday and I saw a slight rejection. For a more conservative approach, wait for a clear CHOCH.
I expect a retracement where the 2024 level is essential. If we find support here, we can test 2044, a break will make gold bullish.
If we break 2024, then we can retest 2000.8 and potentially break the 2000 level again. These events are critical since we have high-alert news events every day in week 9.
In the short term, I'm in a sell from 2039 with a 0.5% risk, and the trade is at break-even because we had a strong impulse on Friday and I saw a slight rejection. For a more conservative approach, wait for a clear CHOCH.
Comment:
We respected the Fib 61.8% so the upwards move was still a retracement, Respecting te Daily decending Channel en breaking out the acending channel So far so good. We need a clear break round 2025 because here we have the 1 hour 580ema