Gold- If things change, so do my opinions
In the past two weeks, I was bearish Gold and expecting a continuation to the downside, arguing that we will have a break of support.
And, indeed, yesterday we had this break down. The only problem was that it was a false one and my short selling and up with a very small loss:)(30 pips being nothing when your targets are 3-500 pips)
As I said in the title, if the market change, so do I, and my bias now is slightly bullish.
From a technical point of view, we have a strong Pin Bar on the daily chart, with a long tail that highlights the false break and we can see that Gold is back in its familiar 2-week range.
Going on H4 to see more clear:
The "Fed reversal" from yesterday is forming here a very strong bullish engulfing, which gives me the idea of continuation.
Also, we can clearly see 1790 resistance of the range and the strong offer/sell zone from 1810.
So, as long as 1750 low holds, I'm bullish Gold on the short term and I will look to buy dips in anticipation of an up break of the range.
My target for such a trade is, as mentioned, 1810 zone
And, indeed, yesterday we had this break down. The only problem was that it was a false one and my short selling and up with a very small loss:)(30 pips being nothing when your targets are 3-500 pips)
As I said in the title, if the market change, so do I, and my bias now is slightly bullish.
From a technical point of view, we have a strong Pin Bar on the daily chart, with a long tail that highlights the false break and we can see that Gold is back in its familiar 2-week range.
Going on H4 to see more clear:
The "Fed reversal" from yesterday is forming here a very strong bullish engulfing, which gives me the idea of continuation.
Also, we can clearly see 1790 resistance of the range and the strong offer/sell zone from 1810.
So, as long as 1750 low holds, I'm bullish Gold on the short term and I will look to buy dips in anticipation of an up break of the range.
My target for such a trade is, as mentioned, 1810 zone
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