Gold is again with bears. VWAP setup & Silver remains 30.10
My apologies if I am short one-day & long the next.
About 48 hours ago I wrote that I thought Gold would likely get a bump-up & then sell off to the 14-18 November Lows, seen in this chart below 4HR.
The main chart above shows Gold's weakness in a VWAP setup, where price, MA and the average VWAP move below VWAP (purple line).
There was also a bullish head n shoulders pattern in the Asia session today early, very low timeframes, which nobody wanted a bar of.
So lets quickly talk Silver, it sells off about 15 hours ago from a TOP2 and sells off very aggressively, but price normally turns around at the bottom and moves back up the charts.
But in XAGUSD the above has not happened. It's been sitting at the bottom around 30.09 and hourly candles show this occurring. Nobody is buying Silver down there. Silver is awaiting its big-brother to come down the corridor.
So what happens next? I think Gold sells off back down to levels near Silver and a move back to the 14-18 November lows.
Yesterday I traded gold from around 2635 up to 2650 I think it was. So it moved up nice in the Asia session. Then price stalled for 4 or 5 hours. There should've been my cue that something was not right in the long entry for gold, then reading into economic data I thought was okay was my next mistake.
I look for the bigger moves in trading which is much harder, some will put out an alert for a few pips here and there and still claim a win when their Stop was taken-out, they are stats-driven of course for their telegram channel 4! Cheers
