GOLD UPDATE!!!
From my previous analysis on the GOLD, I said we must wait for the daily candle close, then only can confirm whether it is the continuation of the upside or it just a fake breakout candle. As can see, GOLD is keep pushing to the upside, we can expect further upside if the GOLD will cool down a bit a.k.a show some retracement.
From the Technical views:
1. The daily new structure is aligning between 0.5 and 0.618 FIB level, the high probability that the price will react to these level before moving to the upside
2. But keep in mind, we still have a strong demand area haven't retest yet on the weekly timeframe if the gold will shift to the bearish environment, that is the potential target we can look for it.
From the Institutional's views:
1. Overall bullish bias on GOLD.
2. In the new data, more long positions and short positions were added, long increased 20k and short increased 5.7k, meaning that they are starting to accumulate their short positions in order to buy at the lower price.
How to approach GOLD?
1. Waiting for the GOLD retrace to the new daily structure or 0.5/0.618 FIB level.
2. After that, switch to the lower timeframe find the long opportunity, if your rules of the strategies are fulfilled.
3. Sell at the moment is not a good idea, because overall is extremely bullish in the lower timeframe, the price can continue to move to the upside since big players still bullish on it.
4. Buy at the moment is not a good idea, because now we are sitting in the high right now, it is quite risky for your capital.
5. But keep in mind, only lower timeframe shows the valid long entry, then only can go for long after the retracement, just simply buy at support level is not good idea, because the price can easily break to the downside since the big players already accumulating their short positions at the moment.
The result might not follow my analysis, this analysis is based on TA and COT perspectives.
Comment down below let me know your view on GOLD.
From the Technical views:
1. The daily new structure is aligning between 0.5 and 0.618 FIB level, the high probability that the price will react to these level before moving to the upside
2. But keep in mind, we still have a strong demand area haven't retest yet on the weekly timeframe if the gold will shift to the bearish environment, that is the potential target we can look for it.
From the Institutional's views:
1. Overall bullish bias on GOLD.
2. In the new data, more long positions and short positions were added, long increased 20k and short increased 5.7k, meaning that they are starting to accumulate their short positions in order to buy at the lower price.
How to approach GOLD?
1. Waiting for the GOLD retrace to the new daily structure or 0.5/0.618 FIB level.
2. After that, switch to the lower timeframe find the long opportunity, if your rules of the strategies are fulfilled.
3. Sell at the moment is not a good idea, because overall is extremely bullish in the lower timeframe, the price can continue to move to the upside since big players still bullish on it.
4. Buy at the moment is not a good idea, because now we are sitting in the high right now, it is quite risky for your capital.
5. But keep in mind, only lower timeframe shows the valid long entry, then only can go for long after the retracement, just simply buy at support level is not good idea, because the price can easily break to the downside since the big players already accumulating their short positions at the moment.
The result might not follow my analysis, this analysis is based on TA and COT perspectives.
Comment down below let me know your view on GOLD.
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