Gold 4H direction and bias
Looking for price to break this minor trend line indicated on my chart. Price as I write this is at major daily support/resistance at the 1738 level. I won't be entering any trades until I either get a -
1. break and retest of the 1725 level for an entry to the downside, along with further indicator confluence.
2. Or a break and retest of the recent high of today to target 1775ish levels.
I uploaded a daily chart a few hours ago indicating that price has met a major trend line which has been respected for months. This would be the fourth touch of said trend line, and I have high hopes that we will see some more downside movement in the upcoming weeks.
If we break the 1725 level I will be targeting the 1700 psychological level as my TP1, with a penultimate goal of 1680 level as my main TP.
Price is obviously bullish at the moment, but with many fundamental factors and even just referring to the IG sentiment reports, I do think we can expect some further downside.
1. break and retest of the 1725 level for an entry to the downside, along with further indicator confluence.
2. Or a break and retest of the recent high of today to target 1775ish levels.
I uploaded a daily chart a few hours ago indicating that price has met a major trend line which has been respected for months. This would be the fourth touch of said trend line, and I have high hopes that we will see some more downside movement in the upcoming weeks.
If we break the 1725 level I will be targeting the 1700 psychological level as my TP1, with a penultimate goal of 1680 level as my main TP.
Price is obviously bullish at the moment, but with many fundamental factors and even just referring to the IG sentiment reports, I do think we can expect some further downside.
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