Gold Trading Plan - Week of July 9th, 2023
Gold is at a critical stage right now. On the long-term timeframe 4 hours+, the trend is still bearish. Looking at the four hour chart, we see that 1930.57 level holds. Two long wicks show sellers above 1930.57. The Fibonoacci short target for this move is still 1875.25. And, We haven't even breached the 61.8% line to put the trend in doubt. The bearish trend continues on a 4 hour and daily basis.
However, there is a glimmer of hope for the bulls. Post news on Friday, gold traded up to the 1930's . . . 2nd time this week. And, for the 2nd time this week, they were unable to sustain any momentum. It looks like a double top. Bears were able to bring gold down after the run up but, they didn't bring it down enough. So, There is a slight chance that the bulls can take the initiative at this 1924.60 level where it ended the day. This level the halfway back long, 2nd in a series. If this long holds and trades to the target, gold will break the short at 1939.70.
Here is my trading plan based on the fifteen minute chart. If gold is going down and breaks bullish support, beneath 1922.32, we are bearish.
If gold is holding 1922.32, threatening to go up towards 1939.70 and the dollar is weakening, we are a bullish and should be in longs.
However, there is a glimmer of hope for the bulls. Post news on Friday, gold traded up to the 1930's . . . 2nd time this week. And, for the 2nd time this week, they were unable to sustain any momentum. It looks like a double top. Bears were able to bring gold down after the run up but, they didn't bring it down enough. So, There is a slight chance that the bulls can take the initiative at this 1924.60 level where it ended the day. This level the halfway back long, 2nd in a series. If this long holds and trades to the target, gold will break the short at 1939.70.
Here is my trading plan based on the fifteen minute chart. If gold is going down and breaks bullish support, beneath 1922.32, we are bearish.
If gold is holding 1922.32, threatening to go up towards 1939.70 and the dollar is weakening, we are a bullish and should be in longs.
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