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Gold Price action | A Trading opportunity near Structural support line

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The precious metal is trading in a channel since Feb 2017, I have updated many times about 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 a 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 Trader, Investor and Self published Blogger. He wrties frequently on his website Balaji is specialised in applying systematic Price action trading strategies and Global Macro techniques on financial markets such as Equities, Dervatives, Futures and Bonds. He is well versed on both International and domestic markets and has trading experience of more than 8 years.  
As a trader his core purpose is to generate superior risk adjusted returns on consistent basis by applying Flexible risk managment combined with a Postive expectancy of Price action strategies. He writes passionately about Technical analysis, Trading strategies, Price Action setups and Global macro events. 
Apart from trading and Blogging, Balaji also mentors aspiring traders, Investors on becoming succesful in highly competative financial markets. He offers permium trading course on which he covers Price action trading methods, Institutional trading strategies and Macro trading.

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