As I mentioned, a stop hunt and classic pullback scenario occurred. Now we retraced to 38% on the Fibonacci and key levels were tested all the way from 1981 to 1900s. As it stands gold will continue to test resistance at 1941-61, before any further action can be taken. Always wait for confirmation my friends, do not allow FOMO (Fear of Missing Out) to blow your account.
Last correction we had was a long time ago, all indicators were overbought. Classic herd mentality was Buy!!!! this is why it is important to wait for conformation to avoid stop hunt. Be flexible with your market direction as it can change anytime (hedging for example, sell at price rejection with confirmation).
Now lets stick with the plan and trade play by play using confirmation as we cross the zones I noted in the chart.
A combination of Fundamentals/Market Sentiment/ Technical analysis is how I prefer to make my decisions.
There were several fundamentals at play during the pullback, make sure to keep up with them.
Leave a like and follow me as this is a big support and motivation to continue.
Good Luck this week and stay Golden!
Last correction we had was a long time ago, all indicators were overbought. Classic herd mentality was Buy!!!! this is why it is important to wait for conformation to avoid stop hunt. Be flexible with your market direction as it can change anytime (hedging for example, sell at price rejection with confirmation).
Now lets stick with the plan and trade play by play using confirmation as we cross the zones I noted in the chart.
A combination of Fundamentals/Market Sentiment/ Technical analysis is how I prefer to make my decisions.
There were several fundamentals at play during the pullback, make sure to keep up with them.
Leave a like and follow me as this is a big support and motivation to continue.
Good Luck this week and stay Golden!
Trade active
Currently monitoring the retracement as it seems to be going deeper down to support there are still a few levels it must break.Wednesday there will be very important fundamentals at play for a good entry point for long positions.Some traders might scalp the retracement with confirmation.
Trade closed: target reached
1980 reached, sold at price rejection as well down to 1950s. Now lets rinse and repeat again as gold works through key levels, wait for confirmations.Note
480 pips profits during FOMC, now lets watch if the cycle will repeat again tomorrow. I enjoy trading gold on London and NY session due to fundamentals.Trade active
Gold retraced today from 1966 to now 2004, I will upload some key zones, nothing has changed. Make sure to break resistance with confirmation before placing a buy. If price rejects wait for confirmation before selling. Small support forming on 1988 smaller time frame charts.KEY LEVELS
R3 2017.03
R2 2002.53
R1 1989.68
PP 1975.18
S1 1962.33
S2 1947.83
S3 1934.98
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.