In this trading idea I will be looking for a pull back the old level of resistance before I take the buys to retest the zone before the flash crash.
Reasons for the buys.
1. What we have seen is there is a large demand on gold because we are currently up trending from the flash crash.
2. Gold has broken the level of resistance that was created late last week at 1808.
3. Gold closed out extremely bullish in the last hours of trading.
4. Fundamentally speaking there is uncertainty in the market with the conflict and bombings going off.
5. Gold is holding nice levels of support above 1775.
Idea and break down on buys.
So I will not be looking for buys off the bat what I would like the market to do in create level of resistance and pull back to level of support that was once a level of resistance and broken above and once we collect the order and we break above the resistance then we can take the impulse buys in order to come up and retest the supply zone at 1830. I will also have stops below the support created that I have spoken about.
Reasons for the buys.
1. What we have seen is there is a large demand on gold because we are currently up trending from the flash crash.
2. Gold has broken the level of resistance that was created late last week at 1808.
3. Gold closed out extremely bullish in the last hours of trading.
4. Fundamentally speaking there is uncertainty in the market with the conflict and bombings going off.
5. Gold is holding nice levels of support above 1775.
Idea and break down on buys.
So I will not be looking for buys off the bat what I would like the market to do in create level of resistance and pull back to level of support that was once a level of resistance and broken above and once we collect the order and we break above the resistance then we can take the impulse buys in order to come up and retest the supply zone at 1830. I will also have stops below the support created that I have spoken about.