XAU/USD PRE PPI MOM ANALYSIS
New idea here tonight for my wonderful trading family. As always, share this idea if you enjoy the analysis. Let's get into it:
XAU/USD as of now is in a consolidation zone ever since the market open at 5PM; the long lower wicks from the previous trading session indicate to me that the buyers are taking liquidity to move to a higher price level. What makes this more interesting is the PPI MOM report tomorrow which can cause choppiness to say the least.
In the current moment, I am biasing to take long position because of the long lower wicks from previous session, also the most recent 15M and 30M bullish close candles. I believe gold will chase higher highs until the release of the news especially because it did not experience a continued bear move this morning.
Also we are making steady higher highs marked by my highlight there in yellow.
As we progress through this london session, lets be a bit cautious in taking major risks for now and wait until the news release. As of now, I will be scalping this long position until around 5AM max; with the exact setup you see in my analysis picture.
Prepping for greatness everyday as we learn more and more; good luck and happy trading fam.
XAU/USD as of now is in a consolidation zone ever since the market open at 5PM; the long lower wicks from the previous trading session indicate to me that the buyers are taking liquidity to move to a higher price level. What makes this more interesting is the PPI MOM report tomorrow which can cause choppiness to say the least.
In the current moment, I am biasing to take long position because of the long lower wicks from previous session, also the most recent 15M and 30M bullish close candles. I believe gold will chase higher highs until the release of the news especially because it did not experience a continued bear move this morning.
Also we are making steady higher highs marked by my highlight there in yellow.
As we progress through this london session, lets be a bit cautious in taking major risks for now and wait until the news release. As of now, I will be scalping this long position until around 5AM max; with the exact setup you see in my analysis picture.
Prepping for greatness everyday as we learn more and more; good luck and happy trading fam.
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