Gold has been trending for some time now, therefore we are only looking to go long on this trade. With inflation having peaked in the U.S, the FED will likely reduce rate hikes from 50bps - 25bps thus signalling likely rate cuts later in the year potentially.
Investors will be pricing this in now hence gold being so bullish and USD bearish.
Trade idea:
- Be patient wait for Gold to pullback into 1900.00, (psychological round number), which also created a nice Leg out.
-Check volume
-Look for a deep liquidity push, taking them extra stops (1892-7)
-Watch for rejection candles
-Buy on a 30m Bullish Engulfing candle
-Pick a safe exit based on structure
@L8Forex
Investors will be pricing this in now hence gold being so bullish and USD bearish.
Trade idea:
- Be patient wait for Gold to pullback into 1900.00, (psychological round number), which also created a nice Leg out.
-Check volume
-Look for a deep liquidity push, taking them extra stops (1892-7)
-Watch for rejection candles
-Buy on a 30m Bullish Engulfing candle
-Pick a safe exit based on structure
@L8Forex