GOLD OVERVIEW

10 thg 4, 2023
GOING LONG ON GOLD ???
The rule of using bigger timeframes for Support and Resistance Levels and also trend identification cannot be stressed enough. Now, in this case looking at the 1D timeframe, our Levels can be easily identified with our trend. We have an obvious Uptrending market structure with a series of HIGHER HIGHS and HIGHER LOWS in which we are looking for Buying opportunities. However, moving into the 4H timeframe we can identify a Trend inside our 1D trend. What does this mean?
This means, our Buy setup is close to getting a confirmation. Therefore, one more touch on our 4H trendline with a reversal candlestick pattern as a second confirmation will give us nice profits until price reaches the Daily Resistance.
Feel free to send your view on this.