New long trade setup from inside $1,296 to $1,306 range. After entry in range looking for gold to challenge $1,360 high in a strong upmove. Given the resistance to dropping currently underway (backdrop of large drops in the stock market) I suspect gold may barely get into my target long entry range so I will enter on any bullish pin bar at that falls into range.
On the hourly, gold drop is not gaining momentum (closed my shorts because of it) which does not support any short trend trading. It looks a lot more like a falling wedge (bullish signal) than a breakdown.
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Getting closer to $1,306 long target with some whip action occurring showing the bull/bear struggle.
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Long entry target target remains $1,306. Expanded bottoming range to fall from $1,315 (unlikely since prices are testing it but it is a 38.2% retracement) to $1,295 (50% fibo retracement). Looking for good bottoming chop and maybe a bullish pin at pin bar stretching below $1,300 and snapping right back.
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Price into target long entry range. Looking for aggressive bottom action or pin bar.
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Did we just witness a bullish daily pin bar? Just hit 38.2% retracement, got into my target long entry range (barely) of $1,315 to $1,295 with a target of $1,306. The daily low was $1,310 so a reasonable low. TSI converging but not crossed, RSI oversold but not aggressively so. Basic fundamentals say a DCL is in place and has pin bar confirmation BUT I don't think it's over yet. No long entry yet, I'm waiting for one move wave down and closer to $1,295 to get my long entry. If prices cross up over $1,335 I'm wrong and the uptrend is intact. With tomorrow being Friday, a last push down To $1,300 would setup a good bull next week. Let's see what happens.
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Heading back into my long entry target range....
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Not quite there yet, still looking for one more drop to at least $1,306 maybe $1,294 before long entry on a price action signal. Patience...
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Watching for my long entry. The current price action is either a backtest of the hourly trendline and then a new wave up past $1,360, or a final drop to the $1,306 to $1,294 range for my entry. My money is on a final drop blowing back under the trendline before establishing a new choppy base.
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Still riding the backtest trendline without breaking....no long entry yet I still expect one more breakdown back to my long entry range.