Gold Trading Setup

by: Colibri Trader

Hello everyone,

The trading setup from last time was USDCHF. It has started to show some potential for going higher. A lot of the sellers have left the battlefield. Now it is up to the buyers to decide the destiny of that currency pair. From a price action point of view, it looks like there is more room for a bullish move. 0.97500 looks to be the next resistance area, where more sellers will try to push the price down

Gold Trading Setup

Today’s trading setup is coming from gold. I will be extra careful with this one, because of the general downtrend. The second reason why I would be careful is because there is another major support level that still has not been touched just below 1200. On the other side, there is a price action trading setup that has formed on the daily. There is a pin bar that formed on the interim support level at 1215. What I will be looking for in the next trading session is an intraday rejection of the 1210 area. This will give me a more affirmative sign of a potential upward move. A hypothetical target could be 1220 and then 1230 depending on price action. Ultimately, the price might go up to 1300 if it manages to clear all barriers in-between.

Happy Trading,

Colibri Trader



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