Hello traders. This is my current view on Gold. Last week Wednesday Gold had some bearish pressure after what I saw as a retracement on the 4h tf. After that quick impulse to the downside, we then had a retracement that went on until Friday. A few areas that I considered as a possible rejection zone for that retracement was the 4h fvg and the 4h supply zone at around 2029.3. At the moment (30m) Gold is in a minor consolidation which happened after the move down that broke a low. So we might break below the consolidation and aim for the low at 2002.1 or break above it and head to the 4h supply zone. I will keep my eyes on this pair and react accordingly, Danko!
Comment:
I am seeing a retracement that is too strong for me to look for any short positions. Gold might continue breaking highs.