The Gold price didn't manage to move as much as expected after creating a strong bullish price action, but still did another high of 3,057.51 before pulling back to clear off buy volumes. All it's doing right now is consolidating either pressuring buyers to close positions before it goes bullish again. The problem is if it would touch/cross it's own support and the more important thing is how it approaches that support. Pressing down to touch its own support before pushing back up meaning it is clearing sell volume before it drops back to that support and will crash further and this means that the market was doing a detailed clearing of positions. But if the price just directly presses down, crossing support and and creates a bottom wick right before touching the next support(But doesn't touch it, because touching it means more buyers coming into the market, the price would have to crash further.) and then starts pulling back means the market is just clearing a substantial amount of buy volumes and was ready to go back up. So now to buy or to sell depends on how the market move each of it's candle, and it's actually the most important factor in entering a trade, if you understand just this one point of the moving price actions, you can enter at any price in the charts, though experienced traders won't do it like that though because there are times when the market moves unpredictably, so why the haste just to fail when you can do a sure win?
The 4 Hour timeframe shows the price descending without touching the next support and then pulling back, this shows that the market is clearing buy volumes from the market and may ascend anytime soon because it still hasn't touch/cross the next support which means the present price action is still unclear so entering a position right now in either way isn't any different from gambling, so abstain yourself from risking. The minimal position spot right now should be at the bottom wick of 3,024.44 because if price breaks below and directly reaches that buy limit, it has a chance of pulling back from tricking retail traders into selling at retracement and then ascend back up, but if it doesn't pullback and manage to break support, I'll just close my buy position either at a small lost or wait for it to retrace back up to close at break even and then wait for the price to clear sell volumes before entering a trade.
This is a new trading theory from my mentor who managed to create after 10 whole years in the market, so this seems like a whole new alien knowledge to most of you who don't know my mentor, but he's has quite some fame actually. I'll be sharing his knowledge for free out here for most of you who are still in the confusion between all the theories you've taken up and still can't seem to master any of those strategies. So, do look forward to my daily analysis.