Yesterday we had pretty mixed data with bettter than expected unemployment claims indicating solid labor market and really bad Philadelphia data, but the labor market hold much weight alongside some hawkish Fed speakers
This week overall we had slower slower volume and volatility after break of 1730 we saw shift in market structure.
Overall we are still bullish bias in higher time frame,
but this week we can see exhaustion by buyers and not enough fundamental catalyst to move gold upside and continuous rejection from key level 1783-1785.
We wouldn't prefer to jump in higher time frame gold buy unless we are breaking above 1774.
Trade setup for today.
Back test to 1755-56 will be a buy opportunity.
deeper pullback to 1747 is another buy opportunity,
break above 1766 key level is buy, Safe buy above 1771.
on sellers side a deeper pullback to 1782-1784 level forming double top is a sell opportunity,
Any move below 1744 is sell opportunity after confirmation in lower time frame.
This week overall we had slower slower volume and volatility after break of 1730 we saw shift in market structure.
Overall we are still bullish bias in higher time frame,
but this week we can see exhaustion by buyers and not enough fundamental catalyst to move gold upside and continuous rejection from key level 1783-1785.
We wouldn't prefer to jump in higher time frame gold buy unless we are breaking above 1774.
Trade setup for today.
Back test to 1755-56 will be a buy opportunity.
deeper pullback to 1747 is another buy opportunity,
break above 1766 key level is buy, Safe buy above 1771.
on sellers side a deeper pullback to 1782-1784 level forming double top is a sell opportunity,
Any move below 1744 is sell opportunity after confirmation in lower time frame.