During Friday’s NFP we saw heavy selling pressure on Gold. With Gold showing clear market structure breaking the previous higher low swing high, a sign of market reversal is in place creating a new higher high.
💡Scenario 1
Waiting for price to retest demand zone, and if it doesn’t break below we can aim to enter at this demand zone for buys. Targeting previous supply zones.
💡Scenario 2
If price breaks below the demand zone I will wait to see how price reacts at the previous demand zone for a better buy entry to the upside.
🧠CONCLUS
If all this is invalid then we will see a continuation to the downside. However, looking at this market structure and a trend reversal taking place creating higher higher and higher lows, it is a clear indication that price is reversing and becoming bullish. Wait for confirmation of candlesticks on 15min & 5min time frame, for either a bullish engulfing candlestick or, a shooting star.
💡Scenario 1
Waiting for price to retest demand zone, and if it doesn’t break below we can aim to enter at this demand zone for buys. Targeting previous supply zones.
💡Scenario 2
If price breaks below the demand zone I will wait to see how price reacts at the previous demand zone for a better buy entry to the upside.
🧠CONCLUS
If all this is invalid then we will see a continuation to the downside. However, looking at this market structure and a trend reversal taking place creating higher higher and higher lows, it is a clear indication that price is reversing and becoming bullish. Wait for confirmation of candlesticks on 15min & 5min time frame, for either a bullish engulfing candlestick or, a shooting star.
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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.