A bullish pattern is visible on the XAUUSD Daily time frame. The blue bullish pattern still needs to make a push lower to complete point D at the BC 0.50% Fib. retracement level where gold can possibly find support and find buyers to push the price higher. There is a demand zone (Red) below the BC 0.50% level where buyers could be waiting to enter the market. If looking to trade XAUUSD, traders should be patient and wait for price to make a move below the BC 0.50% Fib. retracement level. Waiting for price to move below the BC 0.50% Fib. retracement minimum level will give the trade a better risk to reward. Price needs to stay above the point B of the bullish pattern for pattern to remain valid. If price bounces higher from the discount area (Green) and continues higher then look for targets at the AB 2.24% level. Only time will tell what gold will do but for now you know which area to look for possible buying opportunities. Trade safe.
XAUUSD Daily Chart February 23 2022
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup. Follow me on social media @AidanFX and stay updated on XAUUSD. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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