There was a decent reaction for the 23 overnight, but momentum failed to continue from this point.
Gold broke lower and had a reaction above the 38 fib, key thing is institutions did not activate the 38, this leads me to think gold is going lower before interest in longs will pick up.
So how to approach this technically.
Currently there is a Risk Off sentiment from Yesterday lingering in the market sentiment NFP is set to be lower on Friday, therefore Dollar short positions are prevalent. (Notice DXY decline this week)
Tech levels of interest to capitalize on this:
3332 | SL 60 | Target 3400 Take partials along the way according to trading plan
-First trade idea
50% Fib level
Key Level BR
DXY alignment (tbc)
3318 | SL60 | TP 120 pips target one, leaving 50% to run after that.
-Second(Backup if 50 fails)
Fib 61
TL 3rd touch
Breach of previous level
(For all these to align to have reasonable drawdown needs to be in the Asian session)
So no active pending on this position for me personally
Gold broke lower and had a reaction above the 38 fib, key thing is institutions did not activate the 38, this leads me to think gold is going lower before interest in longs will pick up.
So how to approach this technically.
Currently there is a Risk Off sentiment from Yesterday lingering in the market sentiment NFP is set to be lower on Friday, therefore Dollar short positions are prevalent. (Notice DXY decline this week)
Tech levels of interest to capitalize on this:
3332 | SL 60 | Target 3400 Take partials along the way according to trading plan
-First trade idea
50% Fib level
Key Level BR
DXY alignment (tbc)
3318 | SL60 | TP 120 pips target one, leaving 50% to run after that.
-Second(Backup if 50 fails)
Fib 61
TL 3rd touch
Breach of previous level
(For all these to align to have reasonable drawdown needs to be in the Asian session)
So no active pending on this position for me personally
Trade active
Active from 3334
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.