Gold- Lower high forming, or correction done?
Updated
In my post from yesterday, I mentioned my expectation for a new drop of 500 pips in OANDA:XAUUSD.
However, despite the price dropping by around 400 pips during intraday trading, my sell order placed just above the 2400 zone was not filled, resulting in me missing out on this drop (my target was hit but not my pending sell)
Upon reviewing the chart, it's evident that while my bearish outlook remains unchanged and I still anticipate Gold needing to drop below 2300 to complete the correction, the situation is not as straightforward as initially thought.
The swift reversal following the drop below the 2360 support zone is not very encouraging for bearish sentiment.
Additionally, considering the prevailing bullish trend, it's important to acknowledge that trading on the sell side entails trading within a correctionary phase.
Nevertheless, there is a silver lining amidst this uncertainty.
We now have two distinct levels to reference in our analysis on a daily closing price basis: 2390 and 2360.
A close above or below either of these levels could provide a clearer indication of market direction.
However, despite the price dropping by around 400 pips during intraday trading, my sell order placed just above the 2400 zone was not filled, resulting in me missing out on this drop (my target was hit but not my pending sell)
Upon reviewing the chart, it's evident that while my bearish outlook remains unchanged and I still anticipate Gold needing to drop below 2300 to complete the correction, the situation is not as straightforward as initially thought.
The swift reversal following the drop below the 2360 support zone is not very encouraging for bearish sentiment.
Additionally, considering the prevailing bullish trend, it's important to acknowledge that trading on the sell side entails trading within a correctionary phase.
Nevertheless, there is a silver lining amidst this uncertainty.
We now have two distinct levels to reference in our analysis on a daily closing price basis: 2390 and 2360.
A close above or below either of these levels could provide a clearer indication of market direction.
Note
XauUsd remains stuck in range.For my bearish scenario to pay off the market needs to close the day negating at least 150 pips from today s rise, in other words, under 2370
Note
Closed the trade with 50 pips loss.Correction seems over
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