Gold has been consolidating, how can we trade it?
Gold had a bullish expansion in June and after that, price has been consolidation and retracing.
This retracement is towards a support (see chart below)
On D1, it seems to be mapping out a 1234 pattern, but this 1234 produces hardly(in d1) and very little (h4) WR which made me concerned about this trade.
Stil, we are looking at a 2 weeks consolidation into a nice support. Therefore trigger is most important here.
On an earlier entry, price must close above 1311 to complete the reversal pattern of half head and shoulder. On the safer front, F6 trigger of around 1323. Immediate R 1338-40 (recent high).
#tflow #forex wk31/1 $xauusd above 1311 has R 1338.