Update on GOLD
If you have followed our previous plan to scalp gold on the short side you would have closed your trade from 1542 at 1530.
We traded off the supply zone that is marked in blue.
However, now we have tested the zone for the third time.
Generally speaking, the more price tests supply/demand zone the weaker the zone gets.
If this holds true today then we may see a pop in Gold and maybe even fresh highs. Also, remember we are at the end of month flows with thin liquidity.
A bigger supply zone exists on the weekly just above 1558. If we get a run-up till there then we may enter a short.
Will monitor the price action closely.
We traded off the supply zone that is marked in blue.
However, now we have tested the zone for the third time.
Generally speaking, the more price tests supply/demand zone the weaker the zone gets.
If this holds true today then we may see a pop in Gold and maybe even fresh highs. Also, remember we are at the end of month flows with thin liquidity.
A bigger supply zone exists on the weekly just above 1558. If we get a run-up till there then we may enter a short.
Will monitor the price action closely.
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