XAUUSD 4hour Analysis August 2nd, 2020
Gold Long idea
Every timeframe shows strong bullish movement so we will continue to only look for long opportunities.
Recently we saw price action form an ascending triangle at the top of this bullish leg. From this zone we can see 2 potential trade situations.
1.Price action keeps pushing higher. You can place a trade based on price action alone but it may present more risk.
2.Price action pulls back to form structure at a key fib level and makes another push to the upside. We will have to wait until a reversal forms before we can 100% determine where our key fib levels will be.
Every timeframe shows strong bullish movement so we will continue to only look for long opportunities.
Recently we saw price action form an ascending triangle at the top of this bullish leg. From this zone we can see 2 potential trade situations.
1.Price action keeps pushing higher. You can place a trade based on price action alone but it may present more risk.
2.Price action pulls back to form structure at a key fib level and makes another push to the upside. We will have to wait until a reversal forms before we can 100% determine where our key fib levels will be.