Hello Traders!
It's time to focus on Gold. Over the past two months, Gold has been in a strong uptrend, consistently forming Rally Base Rally (RBR) patterns. However, we are now seeing a shift in market structure. The price has recently rejected a new RBR formation and is beginning to create a Drop Base Drop (DBD) pattern.
Wishing you all the best of luck and happy trading! Stay disciplined and trade smart.
Thank you!
It's time to focus on Gold. Over the past two months, Gold has been in a strong uptrend, consistently forming Rally Base Rally (RBR) patterns. However, we are now seeing a shift in market structure. The price has recently rejected a new RBR formation and is beginning to create a Drop Base Drop (DBD) pattern.
- Trading Strategy:
- Swing Traders: This is a good opportunity to open a sell position and hold it as the bearish trend develops.
- Day Traders: Follow the daily market direction, but maintain a bearish bias.
- Key Points to Remember:
- The market is currently bearish. Focus on sell trades only until the market structure changes.
- We've seen strong demand over the past two months, but now it's supply's turn.
- The USD is strengthening, which supports a bearish gold market.
- Tips for Consistent Trading:
- Keep your analysis simple. Avoid overcomplicating your charts.
- Use multi-timeframe analysis to align your trades with the overall trend.
- Avoid overtrading and strictly follow your risk management rules.
- Remember, market structures repeat themselves. Stick to the process and trust your strategy.
Wishing you all the best of luck and happy trading! Stay disciplined and trade smart.
Thank you!
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.