GOLD has maintained its 4h/D support up to now which shows an obvious buyer presence. A prime example of resistance becoming support.
Reason for entry:
15 min break of structure, and again resistance becoming support (indicated by the purple line)
5 min double bottom, which we are watching patiently to see if this trade can blossom into a 4h bullish candle.
(at the time of this writing, 5min has broken structure. We will continue to monitor the following timeframes until we have a full transition to 4h)
Strong Bullish Presence - Maintained Support
Aiming to reach our weekly high and hopefully beyond. Daily has not broken its support and has a strong bullish rally above the MA. I believe gold wants to reach 1560 (monthly resistance) before giving us a decent pullback or drop.
Will maintain my trades until 12p where i will either close my positions or move my stops to breakeven.
Have a great trading day!