XAU/USD (GOLD) LONG
Daily timeframe is bullish as we didn't break our previous low
4H timeframe is bullish as we didn't break our previous low and made a new high
Based on the 4H chart, Gold will come down to retrace our Fib level around 50-61.80% where we also have a resistance/support level (look left)
So personally I would wait for a 4H buy signal confirmation around that area
Once we have a confluence area of support being formed+ golden fib level+ a candlestick pattern (preferably bullish engulfing)
Only then I would take buys
TP1: -27% fib level
TP2: -61.80% fib level
S/L: Below the previous swing level
*Bare in mind that any news or fundamentals can change the bias at any time, so manage your risk accordingly
4H timeframe is bullish as we didn't break our previous low and made a new high
Based on the 4H chart, Gold will come down to retrace our Fib level around 50-61.80% where we also have a resistance/support level (look left)
So personally I would wait for a 4H buy signal confirmation around that area
Once we have a confluence area of support being formed+ golden fib level+ a candlestick pattern (preferably bullish engulfing)
Only then I would take buys
TP1: -27% fib level
TP2: -61.80% fib level
S/L: Below the previous swing level
*Bare in mind that any news or fundamentals can change the bias at any time, so manage your risk accordingly
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.