GOLD - Purple War Zones!

6 באוג׳ 2021Hello everyone, if you like the idea, do not forget to support with a like and follow.

GOLD is stuck inside a range in the shape of a channel as shown in blue. And it is currently sitting around the green support zone 1800.0

The highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support and lower blue trendline. (acting as non-horizontal support)

As per my trading style:
I will be looking for bullish reversal setups on lower timeframes (like a double bottom pattern, trendline break, and so on...)

Meanwhile, until a bullish reversal setup is activated, GOLD would be overall bearish and can still test the brown trendline from Daily before going up.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich