You can see the last resistance area already broken and now GOLD consolidating the 1730 zone.It might retest the previous resistance level which now convert to support area which is around 1720 zones.
I am waiting to see more upper level than i will go for long.
What you guys thinking about gold?
🔥Dont forget to join our discord community🔥
Will be closely looking for a break of the support then a possible retest leading onto a short position. Will be looking to catch a 100 pip move!
-A bearish candle close beneath 131.90
- Retest with wick rejections of previous support now resistance
-Bearish Engulfing candle then entry!
If there is another strong bullish candle then this can be a good breakout trade! It will be a good long position with a potential risk to reward of 1:2.
The EMA's are also showing bullish signals which gives me a good confluences.
As a bonus we could also enter another long position at the reversal.
Let's see whats what happens at the end of Friday.