Time to pull out my FOREX charts.
Chart 1: Gold chart
Gold is now at monthly support levels. Never buy into resistance or sell into support, nor should you trade without confirmation. What I am looking for here is a reversal candle on the daily (in the form of a pin bar reversal or a fakey setup) for confirmation. There the entry can be perfected on the 4 hr and 30 min charts for confluence.
Chart 2: Gold momentum
Here one should wait for momentum to change in favor of the bulls. For example the 8 ema (yellow) to be above the 15 ema (blue), and the 30-50 day emas (orange) to flip. We are already at major support therefore these ema indicators will only confirm that short-term momentum is in your favor.
Chart 3: Silver setup
I am seeing a potential inside bar/ pinbar setup at support here on the silver chart as highlighted by the blue square. Same occurred before the big spike up to $30 whereby the fakey setup with pinbar led the way for a meteoric continuation move higher.
Chart 4:
Whilst writing this gold is experiencing some strength on the 30 min chart with an engulf move higher at previous resistance. Lets see if it holds.
Not advice, all IMO!
