Hi Traders,
Today is the 1st day of the new month and I am once again looking at XAU/USD (Gold)
I am loving the current price action on the H4 timeframe, Price has created a double top at 1868. And 1862, Price has been moving bearish ever since with no bullish candle in sight.
We have now reached 18.30 where price is currently ranging, I believe price could play around this level for a while to accumulate enough strength to push and break that support. If price manages to break the support we have a clean range of 160 pips to the downside.
I will be watching this one very close as I do not want to miss out on the move should it happen, We also need to be careful and vigilant because we could see a liquidity grab resulting in price pushing up after breaking the support, So my best way to enter would be for price to close below support and then retest the zone and then start the continuation to the downside. Remember we have a 160 pip range so that means we do not have to enter immediately, we have enough range to make some money even with a late or conservative entry.
With that being said, I would love to this move play out around pre-New York or during the New York session.
Today is the 1st day of the new month and I am once again looking at XAU/USD (Gold)
I am loving the current price action on the H4 timeframe, Price has created a double top at 1868. And 1862, Price has been moving bearish ever since with no bullish candle in sight.
We have now reached 18.30 where price is currently ranging, I believe price could play around this level for a while to accumulate enough strength to push and break that support. If price manages to break the support we have a clean range of 160 pips to the downside.
I will be watching this one very close as I do not want to miss out on the move should it happen, We also need to be careful and vigilant because we could see a liquidity grab resulting in price pushing up after breaking the support, So my best way to enter would be for price to close below support and then retest the zone and then start the continuation to the downside. Remember we have a 160 pip range so that means we do not have to enter immediately, we have enough range to make some money even with a late or conservative entry.
With that being said, I would love to this move play out around pre-New York or during the New York session.
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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.
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.