Gold could likely close its June Candle in red ?!
Updated
Hello,
Sorry for those who believe strongly in inflation index and Macro economics that Gold could be safe heaven during the recession.
Two times, Gold did create a fake breakout (Fake BO), and you did see how PA behaved afterward. My short-term target in Gold is 1807-1790 ( probability: 80% for short, 20% Gold will find some support around 1820).
Market structure:
This is a very tricky question, it depends mostly in which timeframe you are in your trade. I share with you here the 8h candles TF. Personally, I trade with 1H and 8H TF:
Major flow: Bearish ( from 0, 1, 2, 3, 4, 5, 6,7 >>> clearly bearish consolidation) you can say we have a bearish flag, triangle form etc.
Minor flow: Consolidation, weak buying pressure and THERE IS NO STRONG SUPPORT before the 1808-1790 level.
Thus, It is highly probable that we have a short setup, at least 1:3 or even 4 risks: reward ratio.
Cheers and bye for now.
Sorry for those who believe strongly in inflation index and Macro economics that Gold could be safe heaven during the recession.
Two times, Gold did create a fake breakout (Fake BO), and you did see how PA behaved afterward. My short-term target in Gold is 1807-1790 ( probability: 80% for short, 20% Gold will find some support around 1820).
Market structure:
This is a very tricky question, it depends mostly in which timeframe you are in your trade. I share with you here the 8h candles TF. Personally, I trade with 1H and 8H TF:
Major flow: Bearish ( from 0, 1, 2, 3, 4, 5, 6,7 >>> clearly bearish consolidation) you can say we have a bearish flag, triangle form etc.
Minor flow: Consolidation, weak buying pressure and THERE IS NO STRONG SUPPORT before the 1808-1790 level.
Thus, It is highly probable that we have a short setup, at least 1:3 or even 4 risks: reward ratio.
Cheers and bye for now.
Trade active
Nice break out below 1835-1837, retest the Supply and rejected, now Gold will decide to go south or north. My probability is the same, we will go with the major flow and market makers. Hope you see what I mean :)Trade active
First target at the low of number 9 is reached. Now I am waiting to see the finish off at the box zone at demand liquidation area below 1808-1788.
Cheers and safe trade.
Trade closed: target reached
Major target is reached. However, if Gold close today below 1820-1825, I am pretty sure that we will see Gold sub 17xx sooner than later. Cheers and bye for now.
Note
All the targets and zone are marked in the chart above. Cheers all and hope a nice Pips for you.
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.