Dear traders,

Last time I wrote about Gold.

Price did not find enough buyers and could not break higher.

There wasn’t a bullish 4H confirmation.

Quite the contrary.

The price indeed gave us a bearish indication that we might see more selling and this is precisely what happened.

Price has plunged lower and since then it has been in a bearish trend.

Currently, I am seeing more bearish than bullish signs, but not enough for me to take a trade.

DAX (Germany 30) Trading Analysis 07.06.2023

Today, I am looking at the German stock market.

It looks like the price is ready to go higher.

There is a major demand zone on the daily chart.

In addition to that, the price has formed a bullish engulfing candlestick pattern.

This gives me further confidence that we might see another leg up.

Before that, I would like to see a minor retracement and a 4H bullish confirmation.

This might happen in the form of another bullish engulfing pattern or a pin bar.

I will not take action before (if) that happens.

I would be extra cautious if, on the other hand, we see the price breaking below 15,900.

Then, we might see more bears joining the party and pushing prices much lower.

Happy trading,

Colibri Trader

P.S.

Did you manage to crack the enigma of my 7 breakout strategies, or are you still on the hunt for the secret code hidden within those legendary pages?

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