The purple shaded boxes represent an area that can be referred to as a magnet. These magnets areas (i.e. places of consolidation, accumulation, demand) and places where price is always trying to reach.
The yellow shaded bars are for the day traders or individuals that just want to take profit and get out the market. The yellow is from minor structure 15 mins.
With Gold there is always moves for scalpers.
However where price is currently at I would take the following
Long - if price breaks up with two bullish candles with the second candle closing above the magnet. Long at 1698 up to 1706 - of course price action will be very important
Short -price needs to break below the magnet and second candle closing below the magnet. Yes the trend is down but I see some correction for now.
Wait for price action to support the analysis
ABC trend- we already had a 1st leg correction, now I suspect there will be a second leg correction. That being said its opportunity to catch a buy or trade to the upside ...
The yellow shaded bars are for the day traders or individuals that just want to take profit and get out the market. The yellow is from minor structure 15 mins.
With Gold there is always moves for scalpers.
However where price is currently at I would take the following
Long - if price breaks up with two bullish candles with the second candle closing above the magnet. Long at 1698 up to 1706 - of course price action will be very important
Short -price needs to break below the magnet and second candle closing below the magnet. Yes the trend is down but I see some correction for now.
Wait for price action to support the analysis
ABC trend- we already had a 1st leg correction, now I suspect there will be a second leg correction. That being said its opportunity to catch a buy or trade to the upside ...