If we can see price react to the demand zone and spike to the highs, we should expect to see a drop at the supply zone. If the current level doesn't hold, trade is invalid
Possible short. Lower Highs, Lower Lows, downtrend structure. If price can break its current supporting trendline, I'd look for a retest of the dominant trendline (BETTER ENTRY), then a confirmation candle. Then, ride down to the lower low. Trade is invalid is none of the aforementioned occurs
Price broke support, looking for a retest of broken structure as resistance. 50% Fib level is also interesting, 61% is ideal as well seeing that it is a closer entry to the trendline resistance. Possible short
An idea for the upcoming week to think about. Gold has formed a Head & Shoulders pattern (these patterns indicate trend reversals), however, taking this trade wouldn't be in my interest until it breaks the support (neckline) level & retests the previous broken support as resistance. If that cant happen, I deem this trade invalid. Once it breaks the trendline & the...
