Looking for a break and retest of this key level on the 4H time frame for a buy (swing trade). I'll trail stop loss when taking this and I won't enter until a retest occurs. If I don't see a retest at this level I'll look for re-entry.
Selling XAUUSD based on a break below the 50 EMA and Hull Suite + Fundamentals. Saw some bullish movement earlier today however this was largely due to the USD gaining value. The Gold drop and expected Gold value loss I expect from positive economic data has not yet occurred.
Update on my Gold analysis for those following along. :) I'm still looking to short. Higher time frame structure is still Bullish but I'm looking to ride this down to the 2002 level before looking for more buys. Rising USD strength should lend for a pullback here although economic data next week will effect the outcome of this trade. I need strong momentum out...
Targeting the 1990 area on this current sell but I'd like to get a retest of this 4H Engulfing zone for a better entry. Target is based solely on price.
Overall trend on Gold is bearish. Looking at the daily time frame I am still looking for sells. This level is a possible reversal area.