Gold - Capturing Short-Term Retracements
Continuous bullish price action will eventually lead to minor retracements where scalpers can profit from.
Many say the trend is your friend but i like to go against that so i am looking @ $2,619 low hanging fruit for a healthy retracement. $2,600 would also be considered healthy in my eyes as market structure will still be in tact.
Many say the trend is your friend but i like to go against that so i am looking @ $2,619 low hanging fruit for a healthy retracement. $2,600 would also be considered healthy in my eyes as market structure will still be in tact.
Note
On target...
We want to see short term lows swept @ $2,622
$2,636 highs is my last line of defence today
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*Updated last line of defence to $2,632 (Throughout the US session today)*
So far, so great.
This is the type of price action needed to book lower prices.
We have seen the SIBI (Sellside Imbalance Buyside Inefficiency) rejected on the 5-min timeframe but as 09:30 bell strikes, there could be a possibility for bullish manipulation up into a premium array @ $2,631.98 - $2,632.
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Back in a premium price range.
Keeping my eyes peeled!
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Ideal short scenario has passed by.
Sitting on my hands, awaiting a bearish shift in market structure on the intraday timeframe
$2,636 would be my next point of study
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$2,636 Rejection
But it's not enough...
I need more confluences.
I will be more interested in shorting once we are below $2,631.98
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Rangebound day throughout yesterday
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