Gold unexpectedly increased sharply this morning despite not recording any important information, especially in the context of the market still being in a "holiday" state. Therefore, we need to be very careful about this price increase because the potential for a "false-break" is extremely high.
Prioritize monitoring the current price level of $4,174. If after 9:00 (the main trading time of the Asian session), Gold cannot continue to maintain its upward momentum above this price level, there is a very high potential for a price reversal. The scenario then expected:
- Price increases rapidly to $4,184 and then decreases rapidly back below $4,174 (or $4,168)
- The strategy will then prioritize Short following the pullback at $4,174 with STP 12 prices and the price target is towards $4,158 - $4,137, even further to $4,127
On the contrary: If Gold continues to increase beyond $4,18x when the Asian session moves, it is considered that Gold has raised the bullish frame, then the Buy strategy will be activated following the pullback to around $4,170 with STP $4,158. The bullish wave target is extended to $4,210
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
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