A late upload due to being away, however, Gold (XAU/USD) offered another Optimal Trade Entry on Tuesday 31st October.
Following the historical technical pattern addressed int the second update of the Gold Bearish Forecast Part 3, the commodity has respected the resistance levels which are still in line with the OTE from the bullish leg up to $2,080+.
When reviewing on a higher timeframe there is still a possibility for Gold to come and sweep the lows towards $1,675 as price has rejected from an area of historical resistance which typically drives price down to the lows. This also coincides with the fact that price reacted off the Daily Order Block which rested above the 70.5% re-tracement and aggressively pushed lower. Gold then further retraced back into a premium zone and tapped into an M15 OB formed on the displacement leg during the London Close Killzone.
The entry was taken at 50% of the OB on the M15 timeframe with stops resting above the swing high formed on Friday 28th October.
Please like and share and be sure to follow the updates of this idea!
DISCLAIMER: All ideas are my own thoughts and opinions and should not be taken as financial advise.
Following the historical technical pattern addressed int the second update of the Gold Bearish Forecast Part 3, the commodity has respected the resistance levels which are still in line with the OTE from the bullish leg up to $2,080+.
When reviewing on a higher timeframe there is still a possibility for Gold to come and sweep the lows towards $1,675 as price has rejected from an area of historical resistance which typically drives price down to the lows. This also coincides with the fact that price reacted off the Daily Order Block which rested above the 70.5% re-tracement and aggressively pushed lower. Gold then further retraced back into a premium zone and tapped into an M15 OB formed on the displacement leg during the London Close Killzone.
The entry was taken at 50% of the OB on the M15 timeframe with stops resting above the swing high formed on Friday 28th October.
Please like and share and be sure to follow the updates of this idea!
DISCLAIMER: All ideas are my own thoughts and opinions and should not be taken as financial advise.