Gold- Potential higher low
As you know, I was bullish Gold all week and also bought around 1930.
Unfortunately, my buy trade was closed with a low when XauUsd dropped under 1920 2 days ago.
At this moment, I'm out with no trade running, but my bullish bias remains.
However, for opening a long trade I need more confirmation and this comes with a break back above 1935, which at this moment is confluence resistance given by the falling trend line and the horizontal level.
In conclusion, at this moment there is a potential higher low in place, and confirmation for this comes with a break above 1935.
Also, a positive day close will give us a Morning Star candle formation on the daily chart and a week close above 1940 will give us a Pin Bar on the weekly chart.
So, for now, wait and see is my approach.
Unfortunately, my buy trade was closed with a low when XauUsd dropped under 1920 2 days ago.
At this moment, I'm out with no trade running, but my bullish bias remains.
However, for opening a long trade I need more confirmation and this comes with a break back above 1935, which at this moment is confluence resistance given by the falling trend line and the horizontal level.
In conclusion, at this moment there is a potential higher low in place, and confirmation for this comes with a break above 1935.
Also, a positive day close will give us a Morning Star candle formation on the daily chart and a week close above 1940 will give us a Pin Bar on the weekly chart.
So, for now, wait and see is my approach.
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