Going Long on Gold

15 ביולי

Gold just broke higher timeframe and internal structure to the upside, putting multi-timeframe analysis in alignment for longs. A recent resistance level has turned into support and been respected, inducing most traders to enter buy orders early. I anticipate a fakeout rejection of the support level further inducing more buyers, a reversal trading below the support to fill a Fair Value Gap and previous untouched demand, and then reverse again to continue to the upside targeting new highs.