It has been a week I haven’t shared my thoughts on trading.
Last time I wrote about Dow Jones.
Price went higher and then lower as expected.
But then it met an area of support and went higher again after forming a bullish engulfing pattern.
Currently, it is at 32800, which is around 2,000 points higher than the low point on the support level.
Gold Trading Analysis 15 March, 2021
Today, I am looking at Gold.
There is a supply zone just under the current price.
The daily candlestick from Friday is a pin bar.
This is a confluence of two major indicators in price action trading, which have very bullish connotations.
Looks like we might see more buyers coming into the scene and pushing the price higher.
I would ideally like to see price coming down to 1717 first and then forming a candlestick pattern on the 4H chart.
This would give me a good enough indication to possibly go long.
A potential target would be the level of 1780.
Then, it would depend on price action.