Gold broke the 1,919 level in late-September. Price previously held supported and then pulled back to this level as resistance. We saw two key price action signals here. Price held resisted on October 6th and broke above on the 9th. If further upside were to be expected, this level must be invalidated in the sense that we must see lack of selling volume. This clearly didn't happen as we've confirmed a few days later.
Over on the lower 4-hour time frame, we get a better view of the weaker buying pressure as the 1,910 intra-day level continues to hold.
If we don't see any significant news impact over the weekend, it's safe to bet on the gold downside on the following market open. Ideally, we'd like to time our entry when drifts higher.
Note that ideas published represent my viewpoints on structural directional movements. I do not post explicit trade parameters (i.e. entry, take profit, stop loss, etc.) as these are set to in reference with my expectancy. Since my win rate and R-multiple targets are different, ideas published are simply a resource to provide guidance. You are expected to manage your own trading decisions.
Over on the lower 4-hour time frame, we get a better view of the weaker buying pressure as the 1,910 intra-day level continues to hold.
If we don't see any significant news impact over the weekend, it's safe to bet on the gold downside on the following market open. Ideally, we'd like to time our entry when drifts higher.
Note that ideas published represent my viewpoints on structural directional movements. I do not post explicit trade parameters (i.e. entry, take profit, stop loss, etc.) as these are set to in reference with my expectancy. Since my win rate and R-multiple targets are different, ideas published are simply a resource to provide guidance. You are expected to manage your own trading decisions.