Looking back:
I mentioned about XAUUSD in my post on Dec 10, 2018 “Waiting for a retest and price action pattern to determine a long entry for Gold @ area around zone 1236-1243.”
The price went back to 1233 before broke the resistance at 1263 and the upper line of the up-channel and then rally to 1298. Finally, the markets corrected on last Friday and closed at 1285.145
Weekly Chart:
A pin bar with rejection of high price @ zone 1298
Daily Chart:
Friday closed with a bearish candle. (Remember we saw the reaction of 1st support @ 1279
Watch out:
1. There might be a retest @ zone 1255-1265
2. There might be a retest @ zone 1238-1252
3. Long term down trend line since Sep. 11 might be acting as a strong resistance. (Somewhere around zone 130X)
Action:
1. If price is still holding above 1279 with a nice price action pattern, we will enter a long position.
2. But if action 1 above failed then we are waiting for a price action pattern to determine a long entry at two zones which is zone 1255-1265 or zone 1238-1252.
I mentioned about XAUUSD in my post on Dec 10, 2018 “Waiting for a retest and price action pattern to determine a long entry for Gold @ area around zone 1236-1243.”
The price went back to 1233 before broke the resistance at 1263 and the upper line of the up-channel and then rally to 1298. Finally, the markets corrected on last Friday and closed at 1285.145
Weekly Chart:
A pin bar with rejection of high price @ zone 1298
Daily Chart:
Friday closed with a bearish candle. (Remember we saw the reaction of 1st support @ 1279
Watch out:
1. There might be a retest @ zone 1255-1265
2. There might be a retest @ zone 1238-1252
3. Long term down trend line since Sep. 11 might be acting as a strong resistance. (Somewhere around zone 130X)
Action:
1. If price is still holding above 1279 with a nice price action pattern, we will enter a long position.
2. But if action 1 above failed then we are waiting for a price action pattern to determine a long entry at two zones which is zone 1255-1265 or zone 1238-1252.
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