#202449 - priceactiontds - weekly update - gold futures
Good Evening and I hope you are well.
tl;dr
gold futures: Boi does this market blow at the moment. Nested triangles on multiple time frames and that’s as neutral as it gets. I doubt bulls can even get it above 2700 again at this point. 2660 is the midpoint for now and the range is big, so either buy low and sell it inside of it or wait for a bigger breakout. Bulls need something above 2750 and bears below 2560. Huge range. A lot of traders that have bought above 2700 are underwater. The longer this stays below it, the less likely it is to get back up there.
Quote from last week:
comment: I won’t waste much time with this market this week. Clear triangle and market is in total balance around 2660. Wait for the breakout or play the range. My best guess would be that we both see 2600 and 2700 in the next 3 weeks.
current market cycle: trading range
key levels: 2600 - 2700
bull case: Bulls breakout point is 2750 and that is far away. Buying below 2650 has been profitable the past 2 weeks but bulls could not close one single day above the 20ema. Best to wait until we clearly see a winner here. Daily close above 2700 would be a great start for bulls.
Invalidation is below 2630.
bear case: Bears need to break 2627 for testing 2600 and then it’s the big bull trend line. If they would somehow manage to break even that, last support is 2568 before we go down to 2500.
Invalidation is above 2700.
outlook last week:
→ Last Sunday we traded 2681 and now we are at 2659. We stayed above 2630 and went nowhere. Meh outlook.
short term: Neutral inside given range.
medium-long term - Update from 2024-12-07: No bigger opinion on this for the rest of 2024. Market is in balance until we see a new impulse.
current swing trade: None
chart update: Removed bullish two-legged move up.
tl;dr
gold futures: Boi does this market blow at the moment. Nested triangles on multiple time frames and that’s as neutral as it gets. I doubt bulls can even get it above 2700 again at this point. 2660 is the midpoint for now and the range is big, so either buy low and sell it inside of it or wait for a bigger breakout. Bulls need something above 2750 and bears below 2560. Huge range. A lot of traders that have bought above 2700 are underwater. The longer this stays below it, the less likely it is to get back up there.
Quote from last week:
comment:Talk about you can’t time the market. Pretty ducking good call that was from the above outlook last week. Higher low, and lower high. Triangle on the daily, very bullish above and very bearish below. Not rocket science to read this. I do think bulls are slightly favored.
comment: I won’t waste much time with this market this week. Clear triangle and market is in total balance around 2660. Wait for the breakout or play the range. My best guess would be that we both see 2600 and 2700 in the next 3 weeks.
current market cycle: trading range
key levels: 2600 - 2700
bull case: Bulls breakout point is 2750 and that is far away. Buying below 2650 has been profitable the past 2 weeks but bulls could not close one single day above the 20ema. Best to wait until we clearly see a winner here. Daily close above 2700 would be a great start for bulls.
Invalidation is below 2630.
bear case: Bears need to break 2627 for testing 2600 and then it’s the big bull trend line. If they would somehow manage to break even that, last support is 2568 before we go down to 2500.
Invalidation is above 2700.
outlook last week:
short term: Slightly bullish if we stay above 2630. Max bullish above 2750.
→ Last Sunday we traded 2681 and now we are at 2659. We stayed above 2630 and went nowhere. Meh outlook.
short term: Neutral inside given range.
medium-long term - Update from 2024-12-07: No bigger opinion on this for the rest of 2024. Market is in balance until we see a new impulse.
current swing trade: None
chart update: Removed bullish two-legged move up.
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