XAUUSD Daily Analysis August 9th, 2020
Gold Long idea
Overall gold has been extremely bullish and has literally gone straight up without forming structure.
We need to see structure form on gold which means a retracement to the 38.2% fib level at least! Until this happens it is hard to make a high probability trade.
There are entry opportunities on gold but there is more risk with the current conditions. For us to make a quality trade we want a retrace followed by strong bullish setups confirming the trend.
Overall gold has been extremely bullish and has literally gone straight up without forming structure.
We need to see structure form on gold which means a retracement to the 38.2% fib level at least! Until this happens it is hard to make a high probability trade.
There are entry opportunities on gold but there is more risk with the current conditions. For us to make a quality trade we want a retrace followed by strong bullish setups confirming the trend.