Hello Trading Family, Gold is approaching an interesting area. What I call "TRIO RETEST"
Here is why => The Highlighted Orange Circle is the intersection of three key rejection levels/zones.
Retest 1: Brown Trendline
Gold is overall bullish and currently testing the brown trendline which acts as non-horizontal support.
Retest 2: Lower Blue Trendline
The lower blue trendline is the lower bound of the channel which I consider as an oversold area.
Retest 3: Green Support - 1700.0
The green level is a previous resistance turned into support and round number 1700.0
As per my trading style/plan:
I will zoom in to lower timeframes and look for bullish reversal setups (like a double bottom, trendline break, and so on...)
For example, we can see Gold is forming a trendline in gray, so I will be waiting for a third swing to form around it to consider it valid and then buy on this last swing high break upward.
Always follow your trading plan regarding entry, risk management, and trade management.
Good Luck
All Strategies Are Good; If Managed Properly!
~Rich
Here is why => The Highlighted Orange Circle is the intersection of three key rejection levels/zones.
Retest 1: Brown Trendline
Gold is overall bullish and currently testing the brown trendline which acts as non-horizontal support.
Retest 2: Lower Blue Trendline
The lower blue trendline is the lower bound of the channel which I consider as an oversold area.
Retest 3: Green Support - 1700.0
The green level is a previous resistance turned into support and round number 1700.0
As per my trading style/plan:
I will zoom in to lower timeframes and look for bullish reversal setups (like a double bottom, trendline break, and so on...)
For example, we can see Gold is forming a trendline in gray, so I will be waiting for a third swing to form around it to consider it valid and then buy on this last swing high break upward.
Always follow your trading plan regarding entry, risk management, and trade management.
Good Luck
All Strategies Are Good; If Managed Properly!
~Rich