Hello dear traders. We recently saw that gold has strongly reversed from the 1615 level. I see a break of downtrend structure by forming a new higher low and a new higher high. The Mid-term trend is starting to shift into sideways fading the bearish momentum. Fundamentals due to global status they neglect the bearish bias in my opinion. NFP impacted only for a short-term down retracement. The most feasible continuation seems to be the bullish scenario.
So, I am waiting the retest of the demand zone especially with a Fib retracement confluence of 0.382 or even 0.5. This scenario will be invalid in case a candle breaks below thw 0.618 level. If candle closes below and makes a retest pointing down, I will reconsider looking for sells.
Trade stängt manuellt
188 pips drawdown closed manually with a loss of 20 pips.
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