Gold bullish short term case before bears takeover

2021年3月5日

The general overall trend for gold is bearish, in order for gold to make a deeper move lower more liquidity will be needed. Wait for gold to break out of the triangle pattern and then for a pullback to the smaller time frame resistance zone. Place entry as shown and target 1710 as a resistance point which should be retested as shown. Depending on the bullish scenario I would imagine TP2 will also be touched as long as TP1 is since it is a better place for sellers to enter. The short term most bullish case could cause gold to be pushed up to 1723 to retest the strong resistance there however this would be an extremely bullish scenario and is unlikely in this case.
Once 1706-10 area has been retest there is the opportunity to enter into a short trade to target 1683. If this is the case I will post an update.
Good luck and be careful trading nfp today.