XAUUSD (Gold) Trading Idea
XAUUSD (Gold) Trading Idea
Dear traders,
It has been a while since I wrote an article on supply and demand zones in real time.
Currently I am seeing a potential setup and it is on Gold.
I have a few very detailed articles on supply and demand that you can find here: Article 1, Article 2 and Article 3 🙂
XAUUSD (Gold) Trading Idea
In today’s particular setup, I am seeing a potential chance for continuation of the existing long-term uptrend.
As you can see from the image above, there is a strong demand zone, which has been tested a few times. This time, price has formed a pin bar, which bodes well for buyers.
I will be looking for the open tomorrow and if all goes according to plan and get a confirmation from the 4H chart, I might go long.
My first hypothetical target will be 1310.
My second hypothetical target will be the highs at 1350.
Happy Trading,
Colibri Trader
p.s.
If you want to learn my ultimate trading strategy on supply and demand, please check out my recently released TRADING COURSE
Hi Colibri,
I have GOLD as in a downtrend, there is strong weekly support at 1250 I was expecting price to get there to see if longs will discover it then ?
Just my opinion but that’s what makes the markets.
1285 daily resistance is where I wait and see if a a short action would occur.
Regards
Dan
Hi Dan, That is another way to look at it. I am more concerned with the demand zone at 1275. In a long position and already and closely monitoring price action around the level that you have just mentioned. If we have a rejection, I will close my long position.
Happy Friday,
Colibri