GOLD Trading Setup

Colibri Trader 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

Author

Colibri Trader

Colibri Trader, as he is known in the circles, is based in London, UK. He Started his career in one of the leading prop trading houses at the time and then has moved out to form his own company- Colibri Trader Limited.

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