Gold has been in Accumulation Phase.
The Range is defined between 1732 and 1747. It looks a lot like a Wyckoff Accumulation Phase.
Why ? Volume is the Answer.
1. Climax sell - look at the spike in volume and consider who is selling big time.
2. Accumulation - through 111 bars.
3. Spring - look again at the huge Volume Spike = someone big is interested in the Long Side.
It makes sense to clear out Liquidity beneath the range ( good bye Stop Loss for Longs and similarly those with Sell Stops )
Where to from here ?
1. Retest of Support = if this holds then the next play is for price to rise.
2. Breakout of Channel , Flag/Pennant, Breakout of Resistance.
3. Swing UP = the targets are prior consolidations or take a .618 Fib of recent high consolidation.
The break below the Spring invalidates going long.
The Range is defined between 1732 and 1747. It looks a lot like a Wyckoff Accumulation Phase.
Why ? Volume is the Answer.
1. Climax sell - look at the spike in volume and consider who is selling big time.
2. Accumulation - through 111 bars.
3. Spring - look again at the huge Volume Spike = someone big is interested in the Long Side.
It makes sense to clear out Liquidity beneath the range ( good bye Stop Loss for Longs and similarly those with Sell Stops )
Where to from here ?
1. Retest of Support = if this holds then the next play is for price to rise.
2. Breakout of Channel , Flag/Pennant, Breakout of Resistance.
3. Swing UP = the targets are prior consolidations or take a .618 Fib of recent high consolidation.
The break below the Spring invalidates going long.
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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.
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.