Looking at higher TF i believe gold is bulish,on daily TF we have a wick that needs to be filled with previous bullish candle close.
Previous monthly candle closed bullish so we have a very strong buying presence in the commodity market.
Previous monthly candle closed bullish so we have a very strong buying presence in the commodity market.
Commentaire:
So gold took a while to breach resistance zone, 11 days to be exact since publishing my long bias. Multiple rejections at resistance indicated sellers rejected the buyers, but due to the strong bullish momentum from last month's activity XAUUSD finally broke through. One important factor that stood out during the play was "time", it's vital to keep a close watch on what day you're entering the market, the news that will fuel movement during a particular day/week and you want to make sure everything synchronizes in harmony. This can only be achieved through patience, discipline, trading plan and execution of information.