The four-hour timeframe tapped into the demand at 1986.503 that caused a significant change order flow, about 3.4% in a day. Therefore, it only makes sense for the bullish trend to continue. If you zoom out to the daily timeframe, you will see that Gold is actually in an uptrend. We are ranging between the latest higher high and higher low.
The 15-minute timeframe changed character and is looking to pull back. It is up to the trader’s discretion whether they will trade the pullback or wait for a break of structure or for demand to be respected.
The 5 minute timeframe is bearish because of the break of structure and confirms the 15 minute pullback.
Final thoughts:
Many accounts will blow during these times of uncertainty. Only trade you set up, do not force the hand of the market it can never be wrong, if you doubt stay out. And take especially careful consideration of risk management, achieve a percentage and get out. Do not chase the 1000 dollar trades because you will burn. Oh by the way, Gold is still bullish technically but the big boys are net short according to COT data.
COT DATA
tradingster.com/cot/legacy-futures/088691
Context
The 15-minute timeframe changed character and is looking to pull back. It is up to the trader’s discretion whether they will trade the pullback or wait for a break of structure or for demand to be respected.
The 5 minute timeframe is bearish because of the break of structure and confirms the 15 minute pullback.
Final thoughts:
Many accounts will blow during these times of uncertainty. Only trade you set up, do not force the hand of the market it can never be wrong, if you doubt stay out. And take especially careful consideration of risk management, achieve a percentage and get out. Do not chase the 1000 dollar trades because you will burn. Oh by the way, Gold is still bullish technically but the big boys are net short according to COT data.
COT DATA
tradingster.com/cot/legacy-futures/088691
Context
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