Clearly shows the ascending channel has been broke.
Bears in control.
Wait for a pullback before we execute the orders.
Entry at : - Zone highlighted
- Fibonacci retracement
- wait for price action in that area.
Strong buying pressure on higher timeframe.
Trendline has been broke on H4.
Waiting for price action in the resistance area before we are going for long.
Currently there is no clear direction on this pair. If there is a rejection or price action on the trendline, I would go for buy.
However if the price manages to break the channel, ill be waiting for retest and go short
Spotted a really nice demand zone on weekly timeframe = 61 fibo retracement.
Waiting for rejection or any price action in that area before we "Bull-ing" the gold market.
