Gold - Capturing Short-Term Retracements
Continuous bullish price action will eventually lead to minor retracements where scalpers can profit from.
Many say the trend is your friend but i like to go against that so i am looking @ $2,619 low hanging fruit for a healthy retracement. $2,600 would also be considered healthy in my eyes as market structure will still be in tact.
Many say the trend is your friend but i like to go against that so i am looking @ $2,619 low hanging fruit for a healthy retracement. $2,600 would also be considered healthy in my eyes as market structure will still be in tact.
Note
On target...
We want to see short term lows swept @ $2,622
$2,636 highs is my last line of defence today
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*Updated last line of defence to $2,632 (Throughout the US session today)*
So far, so great.
This is the type of price action needed to book lower prices.
We have seen the SIBI (Sellside Imbalance Buyside Inefficiency) rejected on the 5-min timeframe but as 09:30 bell strikes, there could be a possibility for bullish manipulation up into a premium array @ $2,631.98 - $2,632.
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Back in a premium price range.
Keeping my eyes peeled!
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Ideal short scenario has passed by.
Sitting on my hands, awaiting a bearish shift in market structure on the intraday timeframe
$2,636 would be my next point of study
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$2,636 Rejection
But it's not enough...
I need more confluences.
I will be more interested in shorting once we are below $2,631.98
Note
Rangebound day throughout yesterday
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.