How to trade this plan
1. Support and resistance. Support (Lime green area) and Resistance (Orange red area).
2. Develop a bias based on whether you are a Bull (enter at the lime green area) and Bears (enter at the orange red area).
3. Align stochastic cylcles of overbought or oversold on Daily H4. Look at M15 and M5 for role reversal zones at support or reistance.
With the FED watch tool suggesting a possible rate hike is most likely to happen only in December, market remains to be bullish on the US dollar. The Japan government has been rumoured to increase zero-rates. Gold is a zero yielding commodity against negtive interest rates it makes it attractive to global investors to “beat a global crisis” making gold a safe haven for investors globally. Gold is currently bearish making lower lows and lower highs across all higher times. Until a reversal pattern on lower time frames on (m15 or m5) is noticable we contune to be bears on this pair.