FX:XAUUSD   Gold Spot / U.S. Dollar

GOLD TRADE IDEA
ENTRY:1830.00
TP: 1935.00
STOP LOSS: 1780.00

Check related idea

As analysed on the previous Idea Gold is still bullish however was expecting a further push down before price attempts to go back up.

1803.00 area was tested and quickly rejected.

As stated on the previous idea, we needed a candle body close below 1815 or a bounce off this zone . So far it looks like price has been rejected and is now likely to to test upper levels.


Comment: The drop on Gold Monday morning looks like a liquidity grab. The fact that price was rejected quickly from 1803 indicates that smart money came in and pushed the price back up. We didn’t get a candle body close below 1815 area which indicates that price is finding strong support. The price is also back above the trend line from March 2020 lows.

There is a bull flag forming on D1 Chart , a breakout of the bull flag to the upside will indicate price is likely to go up and test 1900 and above.

So far it looks like the low of the week is in on Monday and typically when the low is on Monday price tends not to revisit that level rest of the week.

On Wednesday we have President-Elect Joe Biden’s inauguration and ECB Press Conference on Thursday which can cause market volatility.
Comment: Banked 75% at 1866.00 and Moved Stop Loss to entry price.

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