We are officially in another cycle for Gold , so the favourable direction to trade it in is LONG.
Price created an extremely structure offering us two key areas to look for longs on.
This structure is created through a break of market structure on the D1, H4, H1 timeframes. Today its 15th February (Monday) and price came back nicely to retest an M30 Orderblock after a LTF BMS structure has been created. This yields a high probability long position.
I'll be scaling out of the position as price approaches TP, but I anticipate that price will climb back up to the monthly highs created in 2020 over the course of the next few weeks/months.
Targets: 1838.70 --> 1875 --> 1947 --> 2060
I'll be providing regular updates on Gold . Stay tuned.
Disclaimer: This is purely for educational purposes and not offered as trading advice. Trade at your own risk and remember to always manage your risk appropriately. I'd recommend anything between 0.5-3% maximum.