Following from my previous post Gold (XAU/USD) offered an Optimal Trade Entry today.
From my perspective Gold has been bearish since the liquidity was swept at $2,080. Due to the current war, Gold pumped unexpectedly as money is moved from currency to commodities in times of uncertainty for security.
The bullish leg was evident of a re-tracement due to historical context of prices behaviour around the 1980 area.
Price swept the relative equal highs formed on the H4 time frame, retracing into a discount zone above 50% of the bearish leg created from $1,947.5.
Price reacted off an M15 OB formed within the Daily FVG caused by the initial leg down from $1,947.5 and proceeded to pushed lower as the CPI and Unemployment news was released during the New York Killzone.
Another displacement has been left behind which offers a potential sell entry as long as price retraces back into a discount zone of the bearish leg.
This is a swing trade expected to be held to approximately $1,675.
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From my perspective Gold has been bearish since the liquidity was swept at $2,080. Due to the current war, Gold pumped unexpectedly as money is moved from currency to commodities in times of uncertainty for security.
The bullish leg was evident of a re-tracement due to historical context of prices behaviour around the 1980 area.
Price swept the relative equal highs formed on the H4 time frame, retracing into a discount zone above 50% of the bearish leg created from $1,947.5.
Price reacted off an M15 OB formed within the Daily FVG caused by the initial leg down from $1,947.5 and proceeded to pushed lower as the CPI and Unemployment news was released during the New York Killzone.
Another displacement has been left behind which offers a potential sell entry as long as price retraces back into a discount zone of the bearish leg.
This is a swing trade expected to be held to approximately $1,675.
Please like and share and be sure to follow the updates of this idea!
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This trade was stopped out at break even.