Dear Traders,
Gold has given us a mixed signal.
The 4H trendline is broken and the bullish impulse move was strong. In the first scenario of retest, it may give a nice opportunity for buying continuation to 1665 level which either push price lower to 1645 levels forming consolidation, or will break and go up to 1682 area of previous year demand zone.
I will turn my bias to bullish if it breakes the upper level which I pointed out, and continue up with strong momentum candles cosnecutively.
The strength of the dollar seems that has found an edge and we may see a further rise for gold.
But if there is no the abovementioned breake of structure with HH and HL, the maintrend will remain bullish pointing down to 1570 and 1475 levels of interest.
Also, I am thinking that the banks have moves the older demand zone of 1680 to the 1620 area, so I am pretty cautious. Can you imagine seeing gold touching several times the 1615-1620 price areas for the upcoming months without breaking it down, while at the same time, it will form higher prices above 17xx and 18xx levels? it will happen sth similar in terms of pattern and demand zone like that of 1680 area?
Lets's see.
Good luck!!!
Gold has given us a mixed signal.
The 4H trendline is broken and the bullish impulse move was strong. In the first scenario of retest, it may give a nice opportunity for buying continuation to 1665 level which either push price lower to 1645 levels forming consolidation, or will break and go up to 1682 area of previous year demand zone.
I will turn my bias to bullish if it breakes the upper level which I pointed out, and continue up with strong momentum candles cosnecutively.
The strength of the dollar seems that has found an edge and we may see a further rise for gold.
But if there is no the abovementioned breake of structure with HH and HL, the maintrend will remain bullish pointing down to 1570 and 1475 levels of interest.
Also, I am thinking that the banks have moves the older demand zone of 1680 to the 1620 area, so I am pretty cautious. Can you imagine seeing gold touching several times the 1615-1620 price areas for the upcoming months without breaking it down, while at the same time, it will form higher prices above 17xx and 18xx levels? it will happen sth similar in terms of pattern and demand zone like that of 1680 area?
Lets's see.
Good luck!!!
Trade closed: target reached:
It happened as a sniper entry @1668 and the TP levels was hit generously giving +200 pips in profit
The main point remaisn the same!