Gold has had quite an exciting few weeks. Now, it is looking to correct it’s price for being too high.
From the 4H, Gold has retested the region of 1562 to 1557 liquidity region from which the bulls took off from before. Having closed with a 3-pin formation. It is almost certain that Gold will fall into the region of 1532 Daily level. However, Gold may retest at the regions of 1546~1547 region and break that zone before moving further downwards.
My bias for Gold is short. I have set an entry level of 1558 with my TP level being at 1532.3 and my SL at around 1562.8, about 20 pips right above the liquidity region that I marked on.
From the 4H, Gold has retested the region of 1562 to 1557 liquidity region from which the bulls took off from before. Having closed with a 3-pin formation. It is almost certain that Gold will fall into the region of 1532 Daily level. However, Gold may retest at the regions of 1546~1547 region and break that zone before moving further downwards.
My bias for Gold is short. I have set an entry level of 1558 with my TP level being at 1532.3 and my SL at around 1562.8, about 20 pips right above the liquidity region that I marked on.
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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.