hey guys,
to trade wisely gold next week here are the main points to consider.
higher time frame perspective (daily/weekly):
-market is in a strong bullish trend
-market is approaching a weekly resistance
-1779 - 1802 is a strong weekly resistance cluster
-1738 - 1749 is a strong daily support cluster
lower time frame perspective (4H):
-market is in a strong bullish trend
-market is stuck in a horizontal accumulation area 1760 - 1786
though long positions remain our priority, we should be careful with a price action around a weekly structure.
analyzing 2011-2012 perspective the price can easily start a strong bearish rally soon.
with high probability current structure high will be retested this week.
look for a reaction of the market and short only after a strong confirmation.
same thing with long trades,
take longs from a support of the 4H range with a decent confirmation,
or from a daily support cluster.
no rush, it is very easy to be stopped out on gold , so entry areas must be the safest.
good luck next week!
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