Gold has been consolidating for a while now,in a range bound setting. however with the descending pattern indicated in the charts and also golds love for breakouts we think that its going to sell.
other confluence factors include
>below 200ma
>below 20ma on D1 and h4
>pinbar setup in D1
the charts speak for themselves.
Gold has been on a retracement move to a previous support, which seems to be still holding. We are abit optimistic that it will continue with the uptrend. We are having a favourable risk:reward 0f upto 1:3
Gold setups either waiting for confirmations to either buy or sell.Meanwhile we wait and get excersise patience to enter at the right time.
we think probabilities not certainities
We entered on the inverted hammer in line with the weekly chart downtrend .we will be holding it till the next support .Short term support of the daily or 4H timeframe, and the longterm support of the weekly timeframe.
Let the profits run.Lets be disciplined to achieve consistency
Let's also be aware that we can change our results by changing the way we think,, this is basically psychology of trading.You have probably heard it but have not CONSIDERED it.
Mark douglas the author of trading in the zone would say lets take some time of TECHNICAL ANALYSIS and shift to some MENTAL ANALYSIS
We still hold a bullish buy for gold after a period of consolidation the price is likely to continue with the uptrend.
The 20 and 50 Ma are offering a strong support for Gold to continue its uptrend
FOREXCOM:XAUUSD
Top down a roach from weekly chart down to the 4 hour chart indicate a possible buy
Confluence factors 1.weekly chart trendline price bounce☆
2.bullish engulfing candle on daily charts☆
3. The bullish engulfing candle closed above a major resistance level☆
Trading requires proper risk...
