D1 Downside Favored (Short Term)! Triangle Pattern

8 de set. de 2020

Until recently gold has been making considerable movement to the upside with no significant retracements. We are now seeing the bullish run slowing down, failing to create higher highs and creating Lower highs (LH). It can also be seen that price has not been able to break below the $1900 psychological level. Therefore, based on price action, if we see a break and close below the 1900 level, it is quite possible to see the 1800 level exposed. I will be looking for a break and retest of 1900 and a valid entry reason before i can enter any position. If a valid entry does not present itself. i will not be taking the trade.