Gold - Getting Ready for the Next Impulse!

Jun 4

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📈 XAUUSD has been overall bullish, trading within the flat rising channel in blue.

Currently, XAUUSD is undergoing a correction phase and it is currently approaching the lower bound of the channel.

Moreover, it is retesting strong demand zone marked in green.

🏹 Thus, the highlighted blue circle is a strong area to look for trend-following buy setups as it is the intersection of the green demand zone and lower blue trendline acting as a non-horizontal support.

📚 As per my trading style:
As #Gold approaches the blue circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich

Jun 6

Trade closed: target reached