GOLD (GC1!) Midterm update - Areas of interest
Updated
I have annotated on the chart what my thoughts are.
For more information, please refer to my previous weekly bias post.
Also key notes today:
US durable goods was lower than expected, and generally the data was not good for the dollar. Ignore the short term noise, we can expect gold to see some strength here, however short lived it may be.
You may want to long from the neutral pivot, but personally I will be waiting to short at the appropriate zone.
Remember, before entering any positions make sure the price has actually REJECTED the area first. Do not allow FOMO to influence your trades.
For more information, please refer to my previous weekly bias post.
Also key notes today:
US durable goods was lower than expected, and generally the data was not good for the dollar. Ignore the short term noise, we can expect gold to see some strength here, however short lived it may be.
You may want to long from the neutral pivot, but personally I will be waiting to short at the appropriate zone.
Remember, before entering any positions make sure the price has actually REJECTED the area first. Do not allow FOMO to influence your trades.
Note
In case the chart image is confusing for you, starting from the bottom up:1) The first darker red box is the 0.382 FIB
2) The first red line is the 0.5 FIB
3) The red box with the black line is the most recent unmitigated 4HR order block. The black line serves as the mid point
4) The upper red line is the 0.618 FIB
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