Another drop for gold?

23 Kas

Hi traders,

After XAUUSD did not respect the Daily FVG, it changed the orderflow to bullish.
So like I've said in my outlook you could have traded longs after a small correction down on a lower timeframe.

Now the correction up is very impulsive so we have to see what price does. If it wants to drop again we could see a rejection at the open next week for a correction down and another impulsive leg up or the last impulsive leg down of the bigger (orange) A-B-C correction (main idea).

Let's see what price does and react.

Trade idea: Wait for a change to bearish again and trade shorts after a small correction up on a lower timeframe.

If you want to see more from my analysis, please make sure to follow me, give a like and respectful comment.

This shared post is only my point of view on what could be the next move in this pair based on my analysis. I do not provide trade signals.

Don't be emotional, just trade!

Eduwave