Gold trading - short or none trade. Sallers dominance
Futures contracts for gold are under selling pressure. Analyzing the cumulative volume with Wyckoff Wave, it is evident that the selling pressure is strong enough for gold to reach the last support level. In my opinion, it's either a Short position or no trades at all.
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Wyckoff Wave Volume (Cumulative Volume): Cumulative volume analysis is a market analysis method proposed by Richard D. Wyckoff. It involves tracking the total trading volume over a specific time period and interpreting whether the volume is increasing (indicating strength of trend) or decreasing (indicating weakening of trend).
Selling Pressure on the Gold Market: You argue that the Wyckoff Wave cumulative volume indicates strong selling pressure in the gold market. This suggests a high volume of selling transactions, which may imply a downward trend in gold prices.
Support Level: You suggest that volume analysis indicates gold could fall to the last support level. Support levels are historically price points that attract buying interest and can halt price declines, unless breached.
Your Market Approach: Your conclusion is that due to strong selling pressure, one should consider a short position on gold or refrain from trading altogether to avoid risk.
For more details visit volumedaytrader.com
ChatGPT
Wyckoff Wave Volume (Cumulative Volume): Cumulative volume analysis is a market analysis method proposed by Richard D. Wyckoff. It involves tracking the total trading volume over a specific time period and interpreting whether the volume is increasing (indicating strength of trend) or decreasing (indicating weakening of trend).
Selling Pressure on the Gold Market: You argue that the Wyckoff Wave cumulative volume indicates strong selling pressure in the gold market. This suggests a high volume of selling transactions, which may imply a downward trend in gold prices.
Support Level: You suggest that volume analysis indicates gold could fall to the last support level. Support levels are historically price points that attract buying interest and can halt price declines, unless breached.
Your Market Approach: Your conclusion is that due to strong selling pressure, one should consider a short position on gold or refrain from trading altogether to avoid risk.
For more details visit volumedaytrader.com
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