Financial Markets Online > Financial Markets Online > What is in store for Gold | 15th September 2019

Its the 15th of September and the team are up doing some analysis going into the new trading week.

One of the possible opportunities we can see this week is sitting with Gold (XAUUSD).

Here are a couple of possibilities we are likely to see that will enable us to get into the the market.

Weekly timeframe
Confirmed uptrend with price currently in phase 2. After such a bullish run which started 19/05/19 it is inevitable we see the bears kick in and the market pull back.
Daily timeframe

Inverse head & shoulders reversal pattern formed. Price broke up trend cyclicity and formed its first lower high formation on Thursday. I would usually like to see a deeper pull back giving me a higher price to sell at, but price action is looking bearish with lots of room to fall. Thursday’s daily close gave an ideal price to place the first sell stop order. 
There are 2 additional ways we will be looking to trade gold.
Trade Idea 1:
Wait for price to retest daily lows with solid bearish price action. This will be the second bearish cycle confirming a down trend.
Trade Idea 2:
A more aggressive approach looking for momentum as the US market come into play tomorrow afternoon. This will catch the current daily phase short. For the intra day traders this will simply be following the core strategy rules but remember to use higher timeframe agreement to confirm direction. When trading the 1hr timeframe and in profit you can manage to risk free and look to take advantage of the full daily phase.

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