GOLD Trading Setup

Last trading week did not end as expected. I had a position on the DAX as I have written HERE. I was short and the indices had a bullish end of the week. What is about to happen this week…

by: Colibri Trader

 

Last week’s last trading session cannot be described as successful. I have been looking to short the indices (EU and US) and unfortunately this was not the case. There was a bearish trading setup on the daily charts, but it did not really influence the market participants. They were still bullish and rejected those levels (10,200 on DAX and 2150 on S&P500). I have been  looking to enter in a long trade, but it was only today that I had a small intraday signal, for which I could not write about. I also did not trade it and this was definitely a missed opportunity. DAX has risen over 250 points. On the other side, S&P500 showed some hesitance and closed the day almost unchanged.

Gold Trading Setup- I have been following the Gold market today. I can see more bullishness after the slight correction from last week and the NFP surprise on Friday. What I saw on Monday was hesitation. What I am seeing today is a hint of buyers and renewed interest. The daily candle is a small bullish engulfing candle following a dog-like candle from Monday. I will be looking to enter a long trade tomorrow. The key levels are as follow:

 

Long Entry @ 1340

Stop Loss @ 1329

Primary Target @ 1365

Secondary Target @ 1400

 

Happy Trading,

Colibri Trader