Well done to those who bought gold!
XAU/USD (GOLD):
For traders who read Thursday’s briefing you may recall the following:
The green area on the H4 timeframe between 1477.3/1493.7 is considered a notable buy zone. Not only does it hold H4 channel support within, it merges with a daily support area coming in at 1495.7-1480.3, and the top edge of the weekly support area at 1487.9.
Entry can be found anywhere within the green buy zone, with protective stop-loss orders positioned beneath 1477.3. For conservative traders desiring a little more confirmation, though, waiting for a H4 bullish candlestick formation to develop could be the way to go. This helps confirm buyer intent and provides entry and risk levels to trade with.
There was a nice-looking H4 inside candlestick formation printed in the early hours of trade Wednesday, which so far is holding firm. Well done to any of our readers long from the said H4 buy zone. The initial upside target from here is set around September’s opening level at 1526.2.
Well done to any of our readers who managed to jump aboard this mover as price came within shouting distance of September’s opening level.
Areas of consideration:
Going forward, it appears the H4 candles are to test the green H4 support zone at 1477.3/1493.7 once more. This, considering its connection to higher-timeframe structure, could certainly hold price action higher for a second time. As such, entry at 1493.7 is likely on the radar for some traders, with protective stop-loss orders positioned beneath 1477.3. As highlighted above, for conservative traders desiring a little more confirmation, waiting for a H4 bullish candlestick formation to develop could be the way to go. This helps confirm buyer intent and provides entry and risk levels to trade with.
For traders who read Thursday’s briefing you may recall the following:
The green area on the H4 timeframe between 1477.3/1493.7 is considered a notable buy zone. Not only does it hold H4 channel support within, it merges with a daily support area coming in at 1495.7-1480.3, and the top edge of the weekly support area at 1487.9.
Entry can be found anywhere within the green buy zone, with protective stop-loss orders positioned beneath 1477.3. For conservative traders desiring a little more confirmation, though, waiting for a H4 bullish candlestick formation to develop could be the way to go. This helps confirm buyer intent and provides entry and risk levels to trade with.
There was a nice-looking H4 inside candlestick formation printed in the early hours of trade Wednesday, which so far is holding firm. Well done to any of our readers long from the said H4 buy zone. The initial upside target from here is set around September’s opening level at 1526.2.
Well done to any of our readers who managed to jump aboard this mover as price came within shouting distance of September’s opening level.
Areas of consideration:
Going forward, it appears the H4 candles are to test the green H4 support zone at 1477.3/1493.7 once more. This, considering its connection to higher-timeframe structure, could certainly hold price action higher for a second time. As such, entry at 1493.7 is likely on the radar for some traders, with protective stop-loss orders positioned beneath 1477.3. As highlighted above, for conservative traders desiring a little more confirmation, waiting for a H4 bullish candlestick formation to develop could be the way to go. This helps confirm buyer intent and provides entry and risk levels to trade with.
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