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  • Writer's pictureVasily Trader

Why I am Still Bullish Biased on GOLD | Price Action Basics

Updated: Feb 3, 2022

Hey traders,

I want to clarify one thing concerning gold for you.

Reading your questions I noticed that many of you are completely paralyzed.

With a recent structure breakout & consequent bearish movement, many traders feel themselves completely lost.

Basic price action rules always help to get an objective directional bias:

1750 level is our initial low, the price reached that level 29th of June

and we saw a strong bullish rally from that.

Reaching 1818 level the price retraced setting a new higher high.

The retracement leg was completed around 1790 level.

We the second swing up, the price managed to set a new high again.

1833 is our current local market high.

With basic trend trading rules, we know that technically speaking the market remains in a "bull's zone" while

it is trading above THE LAST HIGHER LOW level.

The entire area between the last higher high and the last higher low is considered to be a buy zone for us.

Our bias will change IF ONLY the price violates the last higher low level to the downside.

Setting a new low, the price will initiate a new local bearish trend violating current bullish sentiment.

Of course these rules are not 100% accurate, but in a long run they help you to properly read a price chart.


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