So here we go again with gold.
there are two theories at this point, a bullish case and a bearish case.
The bullish case that the price broke a bearish trend and moving upwards.
For a bearish case, the price didn't close that strong above the last swing. Also the whole structure is bearish so this last up move could be very well a trap for buyers.
On the 4h tf, there is an FVG, bearish one that the price so far is reacting to.
So Even though there is a strong up move, i still lean bearish.
Later today once i get a confirmation, i will update the idea.
I might be very wrong on this trade, my confidence in this trade is 4 out of 10. So Use smaller size position.
Also iam expecting the price to revisit 3320 USD
there are two theories at this point, a bullish case and a bearish case.
The bullish case that the price broke a bearish trend and moving upwards.
For a bearish case, the price didn't close that strong above the last swing. Also the whole structure is bearish so this last up move could be very well a trap for buyers.
On the 4h tf, there is an FVG, bearish one that the price so far is reacting to.
So Even though there is a strong up move, i still lean bearish.
Later today once i get a confirmation, i will update the idea.
I might be very wrong on this trade, my confidence in this trade is 4 out of 10. So Use smaller size position.
Also iam expecting the price to revisit 3320 USD
Trade active
entered short with stoploss at 3385. 15 MGC contracts. lets see if its play out right :D Good luck everyone
Trade closed: stop reached
Note
apparently i entered at 3383 and my stoploss was two dollars. So i entered right but with wrong stoploss placement. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.