Gold 4H direction and bias
Looking for price to break this minor trend line indicated on my chart. Price as I write this is at major daily support/resistance at the 1738 level. I won't be entering any trades until I either get a -
1. break and retest of the 1725 level for an entry to the downside, along with further indicator confluence.
2. Or a break and retest of the recent high of today to target 1775ish levels.
I uploaded a daily chart a few hours ago indicating that price has met a major trend line which has been respected for months. This would be the fourth touch of said trend line, and I have high hopes that we will see some more downside movement in the upcoming weeks.
If we break the 1725 level I will be targeting the 1700 psychological level as my TP1, with a penultimate goal of 1680 level as my main TP.
Price is obviously bullish at the moment, but with many fundamental factors and even just referring to the IG sentiment reports, I do think we can expect some further downside.
1. break and retest of the 1725 level for an entry to the downside, along with further indicator confluence.
2. Or a break and retest of the recent high of today to target 1775ish levels.
I uploaded a daily chart a few hours ago indicating that price has met a major trend line which has been respected for months. This would be the fourth touch of said trend line, and I have high hopes that we will see some more downside movement in the upcoming weeks.
If we break the 1725 level I will be targeting the 1700 psychological level as my TP1, with a penultimate goal of 1680 level as my main TP.
Price is obviously bullish at the moment, but with many fundamental factors and even just referring to the IG sentiment reports, I do think we can expect some further downside.
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.