HEY THERE! Looking at Gold again today anticipating a short.
The previous daily candle closed with bearish momentum below my psychological level at 1800. At the start of today, a retest was made at the level signaling a possible move to the downside, possibly to the lower Daily Trendline. When I scale down to the H4 chart, price is currently at 1794, an area that price has previously broken before but closed above. I am anticipating an impulsive break of this level due to current market momentum. For a risk entry, we could short at the break of the level, but for a reduced risk we shall have to wait for a retest off the level 1794-1793, before we could make a move. Watch how price reacts to 194-1793.
The previous daily candle closed with bearish momentum below my psychological level at 1800. At the start of today, a retest was made at the level signaling a possible move to the downside, possibly to the lower Daily Trendline. When I scale down to the H4 chart, price is currently at 1794, an area that price has previously broken before but closed above. I am anticipating an impulsive break of this level due to current market momentum. For a risk entry, we could short at the break of the level, but for a reduced risk we shall have to wait for a retest off the level 1794-1793, before we could make a move. Watch how price reacts to 194-1793.