February saw Gold Rally beyond 1650 handle but failed to close above 1600.
Yet, I remain Bullish on Gold.
Looking at the Monthly Chart, Gold remain in the zone.
Price did an attempt to reach 1700 on the final week of trading but Friday closing saw some selling pressure by the market.
Nevertheless, this particular zone remains some sort of crucial to any Long Position held.
A follow thru out of this zone looks promising for price to head for the next big rally. But if it breaks below, another round of selling pressure might take place.
On the weekly chart, a Bearish Engulfing Candle formed as at Friday closing.
Usually price tend to move to the south. But today’s opening, price manage to hold on to 1575-1576 handle.
From Monthly down to Daily Chart, no new Lower Low spotted. I might only consider to take a sell position, if and only if a lower low formed in any of these big Time-frames.
Zooming in to H4, 1650 is the only barrier for Gold to move further up.
As of now, I just wait for a clear setup to Long Gold.
NFP is due to be announce this week. Taking a trade after all this High Impact News is upright less risky than going into the ‘storm’.
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Patience Is King
Disclaimer : Trading comes with a risk. Any material posted in this article are meant for educational purpose only.