Everyone seems to be dumping gold for USD since interest rates are up. In any case, we're trying to catch some crumbs thrown at us by institutions so here is my anticipated play.
Waiting for price to hit 1786 so we can enter a buy. Why?
Confluence
Will be looking for buys to where the arrows are.
Trade carefully and manage your own risk according to your account size
Waiting for price to hit 1786 so we can enter a buy. Why?
Confluence
- I have circled the wick which was a major demand zone where buyers got in at 1786
In the rectangle you can see 1786 is also a Fibonnaci retracement zone -27.6%. This was derived by drawing the last swing high to the last swing low.
Will be looking for buys to where the arrows are.
Trade carefully and manage your own risk according to your account size
Trade active
Trade closed: target reached:
Beautiful play. Price followed the prediction nicely.