Gold’s daily price action has shown that there is a strong support on the 1625. The daily candlestick formed at 10pm UTC indicated a halt of downward momentum from the Gold pair. I expect daily momentum on Gold to shift towards bullish now.
From the 4H, there is a U shape forming on the price action. Given that the 22:00 candlestick has closed above Daily levels of 1648. I anticipate the following 4H candlesticks to close above the 1648 levels and continue to test the 0.618 Fibonacci level at 1664 or breach 1664 and extend into 1670.
An entry price i would look out for is 1645 with the stop loss level extending to 1637. That gives a decent 3.14 R/R ratio.
From the 4H, there is a U shape forming on the price action. Given that the 22:00 candlestick has closed above Daily levels of 1648. I anticipate the following 4H candlesticks to close above the 1648 levels and continue to test the 0.618 Fibonacci level at 1664 or breach 1664 and extend into 1670.
An entry price i would look out for is 1645 with the stop loss level extending to 1637. That gives a decent 3.14 R/R ratio.