AdamHadfield

Still a bear market until bears are conquered

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
NFP made this daily chart look massively bullish, but it still isn't a bull market until the bears have been conquered. Buyers are gonna keep on attacking on Monday trying to break the bears defense line whilst the sellers are gonna defend like crazy. The higher up it goes, the better risk to reward their gonna get as the stop has to be at 1283.12. If the bears are stopped out then we will be entering a bull market, but until that time we are still bearish. I know which side my moneys gonna be on. I have a feeling that Monday will be a big fat red engulfing candle.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.