XAU/USD Thoughts
- On the Daily and 4H timeframe we’re still overall Bullish
- On 4H we see price consolidating since 3rd Sept
- I see a lot of pin bars and wicks formed at the bottom all day today (8th Sept) which to me indicates price wanted to move away from that zone.
- I expect price to break my aqua trend line and trade into the Imbalance Zone 1 which is the Fib 50% & 61.8% retracement levels.
I haven't used any other indicators for confluence as I think the DXY Could have an impact on how this all plays out tomorrow especially given its a week with a lot of high impact news.
- On the Daily and 4H timeframe we’re still overall Bullish
- On 4H we see price consolidating since 3rd Sept
- I see a lot of pin bars and wicks formed at the bottom all day today (8th Sept) which to me indicates price wanted to move away from that zone.
- I expect price to break my aqua trend line and trade into the Imbalance Zone 1 which is the Fib 50% & 61.8% retracement levels.
I haven't used any other indicators for confluence as I think the DXY Could have an impact on how this all plays out tomorrow especially given its a week with a lot of high impact news.