Hi Traders. In the previous analysis on last Thursday, I talked about buying opportunity around 1680 as I was expecting price to respect a multi-year support level.
In fact, price did some solid bounce from 1680 to high at 1740 (600 points).
For now, as we still do not get enough confirmation to conclude the short-term sentiment shift, I will be observing and see whether price tries to form formation of higher highs & lows.
Once we get enough confirmation that the short-term market structure has turned Bullish, then you can slowly add more size to it.
Because no matter what, Gold is still in a short-term to mid-term downtrend, to go countertrend we'll always need to be very patient.
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
In fact, price did some solid bounce from 1680 to high at 1740 (600 points).
For now, as we still do not get enough confirmation to conclude the short-term sentiment shift, I will be observing and see whether price tries to form formation of higher highs & lows.
Once we get enough confirmation that the short-term market structure has turned Bullish, then you can slowly add more size to it.
Because no matter what, Gold is still in a short-term to mid-term downtrend, to go countertrend we'll always need to be very patient.
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
