Dear traders,

It has been a while since my last analysis.

Funny enough, I wrote about Gold last time, too.

I was expecting to see a correction and then a continuation of the uptrend.

What happened instead was the price NOT making a correction, but making a fake breakout and then reversing.

This has led to a bearish bias and a change of direction.

Price went lower and it reached the next demand zone, where it currently is residing.

Gold Trading Analysis 24.05.2023

There is a pin bar on the daily timeframe.

As explained above, we are at a major junction and the trend is looking bullish again.

What I will be looking for?

First, I would ideally like to see the price re-testing the 1950-level and printing a bullish confirmation candlestick such as a bullish engulfing or a pin bar on the 4H chart.

Once (and if) this occurs, I will be more certain to possibly go long.

What we need to be careful about is if the price breaks below the 1950 level, because this could be an indication of further losses.

Happy trading,

Colibri Trader

P.S.

Have you read the 23 Hilarious Reasons Why Traders Fail?