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Gold Price action | Look for Trading setup near Structural support line

The precious metal is trading in a channel since Feb 2017, I have updated many times about the Market structure in previous articles. Prices are trading in a channel – which means prices are fluctuating in both directions, there’s a good two-way business taking place. Gold already offered multiple trading setups on both Higher and lower time frames. This article is about a potential trading setup which might happen on daily chart in coming days. Look at the Price action analysis on daily time frame

Look for price action trading setup near structural support

As I said, it’s a two-way business; prices are fluctuating in both directions. The fluctuations are taking place within the boundaries of 1200 – 1300. Both are psychological round figures which are acting like a potential Support and resistance (It’s clearly noticeable in weekly chart). The lower structural line is absorbing the selling pressure and keeping the asymmetry of Higher prices. Bulls are conservatively bidding at the structural lower line. Prices bounced back from the line thrice before, Will it hold the prices this time? If it does then it’s an excellent reversal setup, incase if price breaks the structural line, then it’s a continuation trade towards downside. Observe the Price action and trade what you see!

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About the Author:

Balaji is a Speculator, Investor and Trader (All in All!!!) and self published author. Trading in the Markets since decade, have seen more ups and downs along with institutional trader's lifestyle. He usually trades Nifty, Bank Nifty, Commodities, Futures cum Options around both Indian and global Markets. Balaji applies highly analytical and systematic Price Action strategies He blogs passionately about Trading strategies, Price Action Trading, Technical analysis, Macro events, Market setups, Financial and Economical topics. Apart from Trading and Blogging, Balaji also mentors aspiring Traders and Investors on becoming successful in highly competitive financial Markets.

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