AFter big sell off. Is it time to cool off?
Updated
Currently gold is in a strong bearish sell off after hitting ATH around 2150. In the bigger picture posible big fakeout on the previous ATH(2070) See chart for all the info.
1976 is strong support. at this point i managed to trade a good pullback. In order for gold to proceed a posible bullish move it would be good if 1993 resistance level breaks above. This gives us a better confirmation for posible bullish pullback towards 2005.
In the big picture if we stay below 2035level were still in bearish outlook overal. If we get a break above with confirmation we should add buys.(See chart)
We need to take in cosideration to keep selling the market for now. Trading against the trend has proven us to be risky. In a couple hours we will have CPI news so be catious opening positions.
resistance: 1992, 2006, 2021, 2037
Support: 1975, 1965, 1955. 1931,1945,1930
1976 is strong support. at this point i managed to trade a good pullback. In order for gold to proceed a posible bullish move it would be good if 1993 resistance level breaks above. This gives us a better confirmation for posible bullish pullback towards 2005.
In the big picture if we stay below 2035level were still in bearish outlook overal. If we get a break above with confirmation we should add buys.(See chart)
We need to take in cosideration to keep selling the market for now. Trading against the trend has proven us to be risky. In a couple hours we will have CPI news so be catious opening positions.
resistance: 1992, 2006, 2021, 2037
Support: 1975, 1965, 1955. 1931,1945,1930
Note
Gold inline with my analysis. After testing 1992 resistance gold fell 170pips towards 1973. If we get confirmed break off 1975. Then posible 1965 is our next bearish target. FOr now focus on selling the market.
Note
Potential Falling wedge patter on H4. Expecting 1 more bearish drop towards either 1965 or 1955. All info on the chart. Trying to find good sell position.. Stay tunedNote
Chanel broke earlier then expected duo to FED interest rate. Gave a strong bullish momenten wich broke almost 3 big resistance levels. Under 2036 whe should keep selling gold with targets 2021 and 2008.If gold manage to break 2036 with confirmation, then we need to buy the market up to 2050 and 2070.
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