On the Daily Chart Gold tells us a net bullish tale, in the short term. Notably, Gold finds itsself in a range, however I think it is viable to speculate gold should find its way to touch the upper bound of this range within a minimal deviation. This in mind however, the CPI tomorrow bares a wild Card in terms of volume thereby I would strongly advise to KEEP AWAY until after the news.
Diving deeper into the 4 hour we can get some more understanding and we see a possible retracement to a 0.618 or 0.786 level before a further upmove.
Effectively an entry at breakout or retracement.
This being said many Wall Street Traders have been getting hammered as of late and will more than likely take this oppertunity to abuse stop losses and take some retail money.
I can not stress enough, it is better not to trade until after news, especially for newer traders(like myself).
Diving deeper into the 4 hour we can get some more understanding and we see a possible retracement to a 0.618 or 0.786 level before a further upmove.
Effectively an entry at breakout or retracement.
This being said many Wall Street Traders have been getting hammered as of late and will more than likely take this oppertunity to abuse stop losses and take some retail money.
I can not stress enough, it is better not to trade until after news, especially for newer traders(like myself).
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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.