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GOLD is sitting around a round number 1800.0 so we will be looking for buy setups on lower timeframes.
on H4: GOLD is forming a trendline in red but it is not valid yet so we will be waiting for a third swing high to form around our upper red trendline to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)
Until the buy is activated, GOLD would be overall bearish and can still break the 1800 level downward.
And of course, as GOLD approaches our upper orange trendline, we will be looking for sell setups.
Good luck!
~Rich
GOLD is sitting around a round number 1800.0 so we will be looking for buy setups on lower timeframes.
on H4: GOLD is forming a trendline in red but it is not valid yet so we will be waiting for a third swing high to form around our upper red trendline to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)
Until the buy is activated, GOLD would be overall bearish and can still break the 1800 level downward.
And of course, as GOLD approaches our upper orange trendline, we will be looking for sell setups.
Good luck!
~Rich
This analysis is done using RichTL
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www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal