GOLD TRADING IDEA
Following from the gold rally last week,
We had bad unemployment data, improved inflation report and consumer confidence index supported slower down of the rate hike in December,
That is the reason we had rally in gold , XXXUSD pairs & in indices.
We need some fundamental catalyst like hawkish FED comments, USD stronger data etc etc for gold to be bearish again.
Trade setups for today.
we have bullish bias in higher time frame, until we are above 1730 key level,
GOLD rally left so much liquidity gap between 1683-1703 & then 1722-1745, those gap might get filled this week,
Pullback to 1756 we will be looking to buy targeting 1773.
A deeper pullback to 1747, we will be looking to buy targeting 1773.
Anything below 1730 will be looking bearish and we be selling after confirmation on smaller time frame.
1771-772 is short term resistance level , we can short there for target - 1745.
an impulsive breakout above 1774 will be a safe buying opportunity.
Have a good day everyone :-)
We had bad unemployment data, improved inflation report and consumer confidence index supported slower down of the rate hike in December,
That is the reason we had rally in gold , XXXUSD pairs & in indices.
We need some fundamental catalyst like hawkish FED comments, USD stronger data etc etc for gold to be bearish again.
Trade setups for today.
we have bullish bias in higher time frame, until we are above 1730 key level,
GOLD rally left so much liquidity gap between 1683-1703 & then 1722-1745, those gap might get filled this week,
Pullback to 1756 we will be looking to buy targeting 1773.
A deeper pullback to 1747, we will be looking to buy targeting 1773.
Anything below 1730 will be looking bearish and we be selling after confirmation on smaller time frame.
1771-772 is short term resistance level , we can short there for target - 1745.
an impulsive breakout above 1774 will be a safe buying opportunity.
Have a good day everyone :-)
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