In the previous post, the expectation of gold dipping down into 2890 zone before taking a full swing up towards the inducement levels between 2910 and 2920 which has now been realised.
While this just happens, we will sit on the fence and wait for clearer market structure shifts whether it wants to continue towards the 2870 range with much liquidity already grabbed on the buy side. The bias is short.
If impulsive short moves happen southwards, stay calm and wait for another entry if you have missed it. We have ample chance to still short it towards 2870 from above 2906 level.
While this just happens, we will sit on the fence and wait for clearer market structure shifts whether it wants to continue towards the 2870 range with much liquidity already grabbed on the buy side. The bias is short.
If impulsive short moves happen southwards, stay calm and wait for another entry if you have missed it. We have ample chance to still short it towards 2870 from above 2906 level.
Trade active
As of now, the 4H and daily looks extremely bullish and we cannot discount the possibility of a push to 2930. Wait for opportunities for long beyond 2930 or when price has depreciated heavily to 2893 level with clear structures to the downside. Hold your capital and observe, do not become liquidityNote
If price does not close above 2920 by the 3rd hour candle close and wick, we can initiate a short TP 1: 2893
TP 2: trailing or 2870
Note
Asian session reached a m15 demand zone, price will likely prey on news volatility to show its true colours
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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.