gold analysis - 24 feb 2023
my top down analysis goes like this...
- market broke out the 1829 level of support on the daily support
- yesterdays daily candle retested (broke in and broke out) to respect that level of structure which is our new resistance
- currently on the H4 market is still respecting structure and is showing signs of a bearish move with the long wicks
- just took a trade on those wicks but i'll be monitoring what market does because i see signs of an inverse head and shoulder which could work against us
- but tp is at 1812 and sl is placed at 1828 above the wicks so we'll see which one gets hit today
- market broke out the 1829 level of support on the daily support
- yesterdays daily candle retested (broke in and broke out) to respect that level of structure which is our new resistance
- currently on the H4 market is still respecting structure and is showing signs of a bearish move with the long wicks
- just took a trade on those wicks but i'll be monitoring what market does because i see signs of an inverse head and shoulder which could work against us
- but tp is at 1812 and sl is placed at 1828 above the wicks so we'll see which one gets hit today
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