Gold – dip buying for a correction higher

Strong non-farm payroll figures, and a higher US dollar, has resulted in some downside pressure for spot Gold.

I have bespoke support at 1843 and 1835. When these levels converge, they add weight to the analysis.

The 4-hour chart highlights a 261.8% extension at 1835 (from 1960-1912). We also have the Point of Control (PoC) from the 5th of January at 1836. This is based on Market Profile study. It is a level that that will often ‘get filled’.

This offers a solid support zone from 1840-1834

With the daily and weekly chart both highlighting bearish outside candles, and the fact that we have a potential bearish Bat formation building on the daily chart, this setup is considered counter tre

Possible long setup:
Buying Gold at 1840-35 (bespoke support)
Stop at 1827 (below support zone)
Target 1895-1905 (bespoke resistance)