Gold (XAUUSD) Analysis and Trade Idea
Updated
Price has swept the low for LQ, and now pulling back for a correction, as expected. The noteworthy point to make is, it took out a demand zone in the process. Now, price is pulling back to the supply zone that broke the demand. It is a potential "demand2supply flip." I love these. I am looking for a sell setup as price enters the supply.
No setup, no trade.
Price could potentially go for a deeper pullback, breaking the supply zone . So, I will only take the short after confirmations.
The target will be the low of the pullback, and further down to the blue line.
No setup, no trade.
Price could potentially go for a deeper pullback, breaking the supply zone . So, I will only take the short after confirmations.
The target will be the low of the pullback, and further down to the blue line.
Trade closed: target reached
Hit Target #1.
Target #2 is where I am looking next.
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