Good day traders,
How did your trading day go?.
Did you trade any of the setups discussed yesterday on our weekly analysis?
If you did, how is it going?
Let’s hit today’s market and see if we could harness any trading opportunity.
1. XAU/USD (GOLD)
Gold on the daily time frame is locked within an ascending channel.
On the weekly chart, gold has an overall bullish setup. In the past one week plus, price has been moving lazily to a key support level 1297.38.
My bias is bullish, however we need to exercise enough patience for price to rest on support level 1297.38, then watch how price reacts upon hitting the support, before we commit.
Remember, nothing is cast on stone and a key characteristic of a good trader is to remain flexible in the market.
Thanks for giving us your time while we analyse the market.
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Do have a great day ahead.
