Simple trading - Gold is holding for its life below the 2040 Level. Let's wait for more candles to close before committing to a buy. Gold is bearish on the higher time frames. Keep in mind the Daily triangle that has previously been broken and is now retesting. (see previous gold chart)
BULLS:
watch the lower blue trend line. If gold can keep rejecting the trend line and continue making higher highs it will break through the 1hr resistance.
* wait for a retest! Do not get faked out by one bullish candle
BEARS: Watch the higher orange trend line. Use this line to grab entries. You can see the bearish signals on the chart. pay attention to the close of the next candles.
*wait for a solid red rejection candle below the previous high
BULLS:
watch the lower blue trend line. If gold can keep rejecting the trend line and continue making higher highs it will break through the 1hr resistance.
* wait for a retest! Do not get faked out by one bullish candle
BEARS: Watch the higher orange trend line. Use this line to grab entries. You can see the bearish signals on the chart. pay attention to the close of the next candles.
*wait for a solid red rejection candle below the previous high
