Gold Trading Analysis

@Colibritrader

Dear traders,

Last time I wrote about DAX. It did not turn out as I was expecting. On the other side, there was no confirmation from the 4H chart, so no trading signal to trade it.

DAX went up a few hundred pips then formed a bearish engulfing pattern and continued the downtrend.

I still believe we are in a bearish territory and possibly a bearish market in the long-term. Looks like a recession might have started and market participants are just looking for retracements and sell more of it.

Gold Trading Analysis

Today, I am looking at the Gold market.

It looks like we are about to see more bullish action. There was a very powerful bullish engulfing candle today.

I will be looking at the price action tomorrow and especially the 4H chart. I will be looking for a pullback towards the 1433 area and possibly a pin bar or a bullish engulfing pattern to go long.

A good target in the long-term is the psychological level of 1500. If we are in a bearish stock market territory, we are probably entering into a bullish precious metals territory.

Let’s wait and see where price will take us!

Happy Trading,

Colibri Trader

p.s.

Have you checked my recent article on Trend Following

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