As the daily chart shows, the pair has not made a higher high since 10 May. The larger candles have been mostly bearish although the very last candle in this chart indicates that the bulls are not completely out of this contest.


Let us move on and take a look at PA on the H4 chart. It confirms what we saw on the daily and also points to an intermediate s/r level around the 82.80 region. I am looking to go short when I see an indication on this chart – perhaps the retracement of Friday will continue for a while.

On the other hand, a bullish continuation and close above 84.12 will negate my analysis and I will look for a bullish continuation signal. Keeping an open mind is the right mindset, although I have to admit, it is not always easy.
My initial bearish targets are located in the 81.50 and 80.75 region.


GOLD – at an important level, will payrolls show the direction? -30.06.21

ongoing analysis

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Ravi Madan
After a rocky start in 2010 (blowing up a $10,000 trading account), and experimenting with various indicator based systems, he found his comfort zone and success with price action trading. He does not study chart or candlestick patterns, instead relies on what the chart is telling about direction, strength and the flow in the markets. He advocates that the most vital components to trading success are: a trading plan, following it 100% of the time, keeping a positive R/R ratio,sound risk and money management, patience & discipline. Keeping a journal where every trade is documented is an essential tool for learning and enhancing skills. Finally, never trading without a stop, never moving the stop away from price and not being ina hurry to move it to breakeven either, complete his trade execution style.He also publishes trade ideas on TradingView.