Long
Gold – dip buying for a correction higher
Strong non-farm payroll figures, and a higher US dollar, has resulted in some downside pressure for spot Gold.
I have bespoke support at 1843 and 1835. When these levels converge, they add weight to the analysis.
The 4-hour chart highlights a 261.8% extension at 1835 (from 1960-1912). We also have the Point of Control (PoC) from the 5th of January at 1836. This is based on Market Profile study. It is a level that that will often ‘get filled’.
This offers a solid support zone from 1840-1834
With the daily and weekly chart both highlighting bearish outside candles, and the fact that we have a potential bearish Bat formation building on the daily chart, this setup is considered counter tre
Possible long setup:
Buying Gold at 1840-35 (bespoke support)
Stop at 1827 (below support zone)
Target 1895-1905 (bespoke resistance)
I have bespoke support at 1843 and 1835. When these levels converge, they add weight to the analysis.
The 4-hour chart highlights a 261.8% extension at 1835 (from 1960-1912). We also have the Point of Control (PoC) from the 5th of January at 1836. This is based on Market Profile study. It is a level that that will often ‘get filled’.
This offers a solid support zone from 1840-1834
With the daily and weekly chart both highlighting bearish outside candles, and the fact that we have a potential bearish Bat formation building on the daily chart, this setup is considered counter tre
Possible long setup:
Buying Gold at 1840-35 (bespoke support)
Stop at 1827 (below support zone)
Target 1895-1905 (bespoke resistance)
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.
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.