Dear traders,

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.

Happy trading,

Colibri Trader

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