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Gold Trading Analysis 21.03.2024

Posted on Mar 21st, 2024

by colibritrader

Dear traders,

Last time I wrote about GBPUSD.

It looks like the price is following my expectations and is currently 150 pips lower.

It looks like the supply zone has been a magnet for sellers and now the price has entered in the previous range.

It is hard to say if the uptrend will continue or if we will see a steeper correction.

I am currently not holding any positions.

What has grabbed my attention is the price of Gold

Gold Trading Analysis 21.03.2024

Today I am looking at gold. It looks like the bullish trend might be running out of steam…

or at least temporarily…

There looks to be a major supply zone, which acts as a profit-taking zone and also as an area that is rich in new selling interest.

I will be carefully following the price action of the daily candle.

I am looking for a rejection candle like an inverted pin bar.

If this happens and if I get a 4H confirmation, I might consider taking a short position.

Until then, I will be patiently waiting.

Happy trading,

Colibri Trader

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