XAUUSD Potential Forecast | Thursday 8th December 2022
Hi everyone, today I will be talking about a possible XAUUSD long trade using Smart Money Concepts.
Trade idea
1. Price is forming higher highs and higher lows
2. Price tapped onto the fair value gap (FVG) and rebounded
3. Bullish structure is confirmed as price has broken structure (BOS)
4. Currently, I will be waiting for price to retrace before finding long setups and trades in the demand zone below
Things to take note of:
- FOMC meeting is round the corner and that will potentially impact the price and cause alot of volatility in the market
- It is the final month of the year, people are taking it slow and we should proper manage our risk as well
- Risk management is the most important and no matter what, always remember to partial and BE at levels
All together, I will be looking for LONGS on XAUUSD
Trade safe guys,
Chern Yu
Trade idea
1. Price is forming higher highs and higher lows
2. Price tapped onto the fair value gap (FVG) and rebounded
3. Bullish structure is confirmed as price has broken structure (BOS)
4. Currently, I will be waiting for price to retrace before finding long setups and trades in the demand zone below
Things to take note of:
- FOMC meeting is round the corner and that will potentially impact the price and cause alot of volatility in the market
- It is the final month of the year, people are taking it slow and we should proper manage our risk as well
- Risk management is the most important and no matter what, always remember to partial and BE at levels
All together, I will be looking for LONGS on XAUUSD
Trade safe guys,
Chern Yu
Comment:
Price perfectly tapped into the supply zone above and rejected it.