With a lower high confirmed and a classic ABC correction developing, the situation for Gold (XAUUSD) is dismal. The bearish bias is confirmed.
Recently a bounce happened at the 0.382 Fib. retracement level. This is normal and standard but not bullish. The bounce happens because this is a strong support zone, but as soon as the bounce is over the resumption of the bearish move will happen.
What is more relevant here is the lower high and the very strong rejection after the big green session here marked as (B).
The strong green candle produced the highest close ever, the second highest price after the All-Time High. The ATH happened on a wick. In both instances, the market followed up with strong bearish action; that's the signal.
The signal is bearish because each time Gold reached high enough, the bears counteracted with massive selling. Notice the two big red sessions, the last two before the current one.
It is pointing lower. The decreasing volume is an additional and supporting signal for the bearish perspective. This is not a short-term drop, it is a major correction developing. SHORT/sell. Easy win, easy profits.
Namaste.
Recently a bounce happened at the 0.382 Fib. retracement level. This is normal and standard but not bullish. The bounce happens because this is a strong support zone, but as soon as the bounce is over the resumption of the bearish move will happen.
What is more relevant here is the lower high and the very strong rejection after the big green session here marked as (B).
The strong green candle produced the highest close ever, the second highest price after the All-Time High. The ATH happened on a wick. In both instances, the market followed up with strong bearish action; that's the signal.
The signal is bearish because each time Gold reached high enough, the bears counteracted with massive selling. Notice the two big red sessions, the last two before the current one.
It is pointing lower. The decreasing volume is an additional and supporting signal for the bearish perspective. This is not a short-term drop, it is a major correction developing. SHORT/sell. Easy win, easy profits.
Namaste.
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➢ FREE PREMIUM Trades + Top Results
t.me/anandatrades/1183
➢ FREE Quality Content + New Results
t.me/masteranandatrades/6172
➢ Go beyond! PREMIUM LIFETIME Access
lamatrades.com (Since 2017)
t.me/anandatrades/1183
➢ FREE Quality Content + New Results
t.me/masteranandatrades/6172
➢ Go beyond! PREMIUM LIFETIME Access
lamatrades.com (Since 2017)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.