Dear traders,

Last time I shared my analysis on Gold.

It seems that the price did as expected. Reached back to the nearest demand zone and in a sign of exhaustion reversed its direction.

Since then, the price has been up by over 600+ pips.

It has currently reached a resistance level, so I would not normally do anything crazy at this moment.

AUDUSD Trading Analysis 12.10.2023

I am looking at the AUDUSD pair today.

It looks to me that the price is going to re-bounce from the nearest supply zone as shown in the screenshot above.

There is an inside day candlestick on the daily chart.

This is a good confirmation that the price might resume its downtrend.

I will be looking for a possible retracement back to 0.6425 and a 4H confirmation candlestick.

This would be a good sign for me to possibly go short.

Until that happens, I will be patiently waiting.

Happy trading,

Colibri Trader

P.S.

Did you get a chance to review my recent candid reflection on how it feels to be going through a losing streak?