Today the weekly candle will close. So lets try to see the bigger picture from technical analysis. The two large Red Candles which formed in US sessions were manipulation. Both of them had exactly same size and there is no price action after the close of these big candles. So technically there is no logic that can explain the present reaction of prices. Today we have NFP and important News in US session. I feel they will get the news in favor of USD and go for SL hunting once again. Even market sentiment is strongly bullish with 90% people in BUY. If we consider fundamental aspect all this may be because of hike in interest rates on US bonds. But dont you think USD itself is a total manipulation and these interest hikes should not effect Gold so badly. Considering the price action of weekly chart I feel present dips are the reaction to the highs made above 2000 level. So this reaction can take us further down before price consolidates near the 200 DEMA. In short term though prices may rise to levels near 1800 I feel the 1600 levels are surely coming in coming days before gold finally starts a bullish trend in recession.
All the discussion may be confusing. In short I mean the longterm technical analysis and price action are in line with the present lows being made. However the no reaction phase which we see after the dump is suggesting some manipulation. So lets not predict anything and go with the market today.
We can see gold is consolidating beautifully since one day. This shows market is uncertain and will need a trigger for next direction. I suggest to go for STOP orders instead of LIMIT orders as present price is not clearly guiding.
Here is my idea
BUY STOP 1752 SL 1744 TP 1772 (I hope we will see the levels upto 1780)
SELL STOP 1728 SL 1734 TP 1716 (This trade is only for SL hunts and we will see a strong reversal after this)
All the discussion may be confusing. In short I mean the longterm technical analysis and price action are in line with the present lows being made. However the no reaction phase which we see after the dump is suggesting some manipulation. So lets not predict anything and go with the market today.
We can see gold is consolidating beautifully since one day. This shows market is uncertain and will need a trigger for next direction. I suggest to go for STOP orders instead of LIMIT orders as present price is not clearly guiding.
Here is my idea
BUY STOP 1752 SL 1744 TP 1772 (I hope we will see the levels upto 1780)
SELL STOP 1728 SL 1734 TP 1716 (This trade is only for SL hunts and we will see a strong reversal after this)
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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.