UPDATE ON XAU/USD
XAU/USD 1D - It looks as though gold has picked up some strength as it heads towards the Supply Zone above, I feel price may come to set a lower high here before a continuation lower.
What we will need to see now is for price to trade us up and into this fair value gap, once it does we then want to see a relevant break in structure on the lower timeframes, like the 4H-1H.
All we need to do is look at the corrective wave on the lower timeframes so we can get a better look at the structure and once we have the confirmation we need we can then begin to look for those short opportunities.
Its important we wait for breaks in this bullish structure trading us higher before we look to go short as this is predominately a bullish market so trading it short will come with its own risks regardless of our bias for this market to be short for some time.
What we will need to see now is for price to trade us up and into this fair value gap, once it does we then want to see a relevant break in structure on the lower timeframes, like the 4H-1H.
All we need to do is look at the corrective wave on the lower timeframes so we can get a better look at the structure and once we have the confirmation we need we can then begin to look for those short opportunities.
Its important we wait for breaks in this bullish structure trading us higher before we look to go short as this is predominately a bullish market so trading it short will come with its own risks regardless of our bias for this market to be short for some time.
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