Daily pinbar candle. Fundamental still bullish?!
Updated
Hi guys. Last week was again a week full off strong bullish momentum. Even the big resistance levels couldn't stop the massive bullrun. The market is overal more moving on fundamentals then technicals. The war going on is making the precious metal in big demand.
I adviced traders to be carefull with selling the market. Intraday/swingtraders having a hard time shorting the market atm.
If we look at the friday daily closing. We can see a big pinbar. 1983-1985 is big resistance level. It broke in lower timeframe(up to 1997)but created a fakeout in higher timeframe. We tried buying gold after the break and retest. But H4 did not mange to close above the resistance zone. THe pinbar candle indicates a posible stop to the bullrun. But keep in mind the market is mostly running on fundamentals. So in my opinion gold will fall from the resistance level towards posible 1972, 1953 or as low as 1930 before the bull run starts again.
Gold is also moving between a channel. So it is posible for gold to follow the channel upwards.
Resistance: 1985, 2009, 2025, 2065
Support: 1972, 1953,1930
I adviced traders to be carefull with selling the market. Intraday/swingtraders having a hard time shorting the market atm.
If we look at the friday daily closing. We can see a big pinbar. 1983-1985 is big resistance level. It broke in lower timeframe(up to 1997)but created a fakeout in higher timeframe. We tried buying gold after the break and retest. But H4 did not mange to close above the resistance zone. THe pinbar candle indicates a posible stop to the bullrun. But keep in mind the market is mostly running on fundamentals. So in my opinion gold will fall from the resistance level towards posible 1972, 1953 or as low as 1930 before the bull run starts again.
Gold is also moving between a channel. So it is posible for gold to follow the channel upwards.
Resistance: 1985, 2009, 2025, 2065
Support: 1972, 1953,1930
Note
After market opening GOld fell 100pips. congrats to those who took the trade.I you look closely at M15 and M30 you can see a head and shoulder pattern. This indicate posible pullback in gold.
Waiting for confirmation to enter
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.