GOLD Equilibrium| Structural Resistance| Trade Set UpToday’s Technical Analysis – GOLD – trading in an equilibrium likely to retest high time frame resistance upon a break
Points to consider,
- Confirmed break and retest for validation
- Define risk at recent swing low
- Technical target at HTF resistance
- Price action to monitor
Gold needs to break its current resistance and establish a retest which will allow for a long entry.
Risk will be associated with the most recent swing low as this is a breakout trade with a quick invalidation.
The technical target is association at structural resistance, strong pivot area where price action can help with the directional bias.
Overall, in my opinion, GOLD will break out of this equilibrium; a long trade will be valid upon a bullish break with the technical target being structural resistance.
A break below support will invalidate the trade setup
What are your thoughts?
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And remember,
By risking 1%, I am indifferent to any individual trade. Keeping your risk small and constant is absolutely critical.” Larry Hite.
