Gold structural retest post CHoCh
Gold broke structure last week under 2393 and now underwent a structural retest in last 8 hours of Friday. With the second last H4 as a shooting and last H4 as hanging man on some other brokerages, we are confident that correction is finally over that started form 2353.
This correction eventually concluded with a broken structural retest which shall now be treated as a supply reference. The liquidity they left when they suddenly broke the structure has now been collected and now we should expect a down.
Note: This idea is valid as long as gold stays under 2412! However, for now, we will consider 2394 as our stop loss if we are to enter on upcoming Monday.
The prospective targets area is shown on the chart however, we might see some correction back to 235x after the price hits the range 233x. So be advised in advance and do not be alarmed.
Best of luck and happy trading. Ensure proper risk management, Cheers!
This correction eventually concluded with a broken structural retest which shall now be treated as a supply reference. The liquidity they left when they suddenly broke the structure has now been collected and now we should expect a down.
Note: This idea is valid as long as gold stays under 2412! However, for now, we will consider 2394 as our stop loss if we are to enter on upcoming Monday.
The prospective targets area is shown on the chart however, we might see some correction back to 235x after the price hits the range 233x. So be advised in advance and do not be alarmed.
Best of luck and happy trading. Ensure proper risk management, Cheers!
Trade active
Trade closed: stop reached
Ohhh that didnt age well
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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.