Direct from the desk of Dane Williams.
The last time we spoke about the precious metal, we were up +300 pips trading Gold.
XAU/USD had just retested a higher time frame zone as support, which also doubled as the base of a triangle and ripped higher to give us that nice trade linked above.
Take a look where we're now at on the daily.
XAU/USD Daily:
You can see that price has continued higher, all the way up to even make new highs.
A break of resistance that you can clearly see on the hourly.
XAU/USD Hourly:
Price pulled back into the short term resistance turned support to close the week and now on Monday morning in Asia, has instantly ripped higher out of the zone.
As long as price remains above the higher time frame zone, it's a long... until it's not!
So here are our scenarios:
Price remains above higher time frame resistance and we use that intraday zone as an area to manage our risk around from the long side.
Price pulls back under higher time frame resistance and we use that same intraday zone as an area to manage our risk around from the short side.
As a day trader, this spot is gold.
Best of probabilities to you,
Dane.
FOREX BROKR | Hive Blog
Higher time frame market analysis.