Gold Neutral idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: Overall we are extremely bullish and without structure. This makes the current situation high risk in my opinion.
Ideally we want to continue with the overall bullish trend but there is not a high probability opportunity present. In a perfect world, we would like to see our 38.2% fib level hit before continuing bullish.
Trade scenario 2: Because we are so far from our 38.2% fib level we could spot a short opportunity on the expected retracement.
Look for a clear reversal plus strong bearish rejection from 1800.00 to enter short.
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: Overall we are extremely bullish and without structure. This makes the current situation high risk in my opinion.
Ideally we want to continue with the overall bullish trend but there is not a high probability opportunity present. In a perfect world, we would like to see our 38.2% fib level hit before continuing bullish.
Trade scenario 2: Because we are so far from our 38.2% fib level we could spot a short opportunity on the expected retracement.
Look for a clear reversal plus strong bearish rejection from 1800.00 to enter short.