XAUUSD - 2024/07/31
Yesterday we had a very bullish close on the daily timeframe indicating to me that gold might want to start its push up again.
Today however we need to consider that it is a day with a lot of fundamentals that can play push the price of gold up and down, not giving us a trade that is worth the risk.
if we just take a look at the daily, 4h and 1h timeframe and forget about the fundamentals for a moment we can identify clear buying point.
First entry that I will be looking at will be at my top volume buy zone, I would like to see a push lower into the zone and then wait for the buy confirmation. If however the top buy zone fails then we could see a push lower to my bottom buy zone where we can then wait for our buy confirmation.
Overall looking to go long but I will take smaller risk due to all the fundamentals being released today.
I will update as the day moves along.
Today however we need to consider that it is a day with a lot of fundamentals that can play push the price of gold up and down, not giving us a trade that is worth the risk.
if we just take a look at the daily, 4h and 1h timeframe and forget about the fundamentals for a moment we can identify clear buying point.
First entry that I will be looking at will be at my top volume buy zone, I would like to see a push lower into the zone and then wait for the buy confirmation. If however the top buy zone fails then we could see a push lower to my bottom buy zone where we can then wait for our buy confirmation.
Overall looking to go long but I will take smaller risk due to all the fundamentals being released today.
I will update as the day moves along.
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