Gold Bounce? - XAUUSD

Could be time for a retrace

Good luck traders

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Still under the channel, about 1690 is resistance. So, we go long if it does break up into the next channel.

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This would be good for a triple bottom but it kinda looks like it will go down further

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Okay, bulls are trying to save this hourly candle now, they need to hold this channel.

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GJ gold bugs

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Alright, the 15m closed in this channel, though these fibs are just averages and I usually want to see a clear breakout rather than this. Still, another point for the bulls here on the lower time frames.

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This level is critical, if the hourly closes under the MA ill close this. I was betting on the double support holding, but lets just wait for the close before doing anything we’ll regret later.

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Asian markets bearish on everything it seems, luckily bitcoin performing well

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I'm sure bulls will step in at some point throughout London or new York, but there's no point in catching a falling knife on a Friday unless the hourly pops up

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When you're looking for intraday swings like this just know when to cop to the daily chart. Tbh though this is pretty mild price action for the time being

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Well then, good morning New York City!

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Looks like we may get our little breakout on the 15 after all, would be nice if gold would run off of the China rumors (trade war part 2)

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Well at the very least, the trade is in profit now. I will give it one more chance after 11am EST and then cut it if we don’t get the move

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Not bad, ended up closing with a fair bit of profit.

If it wasn’t the last day of trading for the week, I’d probably consider a short here

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In closing, I never really lost faith in this trade. I do apologize for the less than optimal entry, it was late and I should have been more patient.

Alls well that ends well :)