I see alot of people talking about gold longs due to its safe haven status however I do not think we see real safe haven flows into Gold as we do with CHF/JPY etc
I am more inclined to look for shorts with my bullish dollar bias.
Additionally, previous week pin bar rejection in a consolidation zone signals shorts entering the market
we still haven't had a proper test of the channel since breakout and a nice support zone exists just above the prior channel resistance. this is a good target area of liquidity.
My ideal set up however, would be another push by gold up to 1421 which lines up with a 50% retracement and key resistance.
very low volume at this level/area would have me selling a weekly rejection candle in the area.
Dont forget this is a weekly chart not an intraday
I am more inclined to look for shorts with my bullish dollar bias.
Additionally, previous week pin bar rejection in a consolidation zone signals shorts entering the market
we still haven't had a proper test of the channel since breakout and a nice support zone exists just above the prior channel resistance. this is a good target area of liquidity.
My ideal set up however, would be another push by gold up to 1421 which lines up with a 50% retracement and key resistance.
very low volume at this level/area would have me selling a weekly rejection candle in the area.
Dont forget this is a weekly chart not an intraday
