LONGS AND SHORTS SETUP (POSSIBLE SCENARIOS)
After reaching almost a new ATH. On Friday, gold's price retraced by almost a hundred percent of Thursday's moves. This may have happened due to manipulation of smart money. At this premium price, it is much advisable to look for short opportunities by next week to look for more discount prices.
Good buys will be around 2454 (bullish order block). Good sells will be around any pullback according to the charting provided.
Gold prices are still in highly a premium price, and we may expect sharp drops anytime. Discount prices are anywhere below 2400 or 2350 and those price areas will give the optimal buy trades. And if not, even though it would be too far to reach, best buys are given around 2200-2100.
Here's what I see by next week:
Daily Bias: Bearish
Hourly Bias: Bearish
LTF Bias: Bearish
1. Wait for a liquidity sweep to the sellside or buyside or wait for an IRL fill.
2. Trade according to price delivery. (Moves are given in the charting)
In layman's terms: gold is still very expensive and no one would be that willing to buy expensive gold. Unless, there will be another boom boom in the Middle East or bad news for USD. (So far though, even if news is bad for USD, the economy is still showing some recovery)
Good buys will be around 2454 (bullish order block). Good sells will be around any pullback according to the charting provided.
Gold prices are still in highly a premium price, and we may expect sharp drops anytime. Discount prices are anywhere below 2400 or 2350 and those price areas will give the optimal buy trades. And if not, even though it would be too far to reach, best buys are given around 2200-2100.
Here's what I see by next week:
Daily Bias: Bearish
Hourly Bias: Bearish
LTF Bias: Bearish
1. Wait for a liquidity sweep to the sellside or buyside or wait for an IRL fill.
2. Trade according to price delivery. (Moves are given in the charting)
In layman's terms: gold is still very expensive and no one would be that willing to buy expensive gold. Unless, there will be another boom boom in the Middle East or bad news for USD. (So far though, even if news is bad for USD, the economy is still showing some recovery)
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