XAUUSD 13/5/21
Daily: Price closed as a strong bearish engulfing
but has come to a strong S/R level where price
has had a major reaction last time it reached here
overall gold is still bullish so wont be looking for
shorts currently rejecting .382 on fibs
H4:Price is currenetly rejecting broken resistance
now acting as support also 50SMA is being used as
a form of support need to wait until london/NY
session to see what price is doing
H1: currently having a strong bullish reaction
to broken resistance now holding as support
looking for some form of a break of structure
if it can break and retest minor resistance level
and hold as a form of support will look at taking
short term longs to the next level of support
as it has a higher probability reaching that
level
but has come to a strong S/R level where price
has had a major reaction last time it reached here
overall gold is still bullish so wont be looking for
shorts currently rejecting .382 on fibs
H4:Price is currenetly rejecting broken resistance
now acting as support also 50SMA is being used as
a form of support need to wait until london/NY
session to see what price is doing
H1: currently having a strong bullish reaction
to broken resistance now holding as support
looking for some form of a break of structure
if it can break and retest minor resistance level
and hold as a form of support will look at taking
short term longs to the next level of support
as it has a higher probability reaching that
level
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