downward breakout going strong
Gold (Mini) Futures forum
MGC1! if you are keeping the score, we are 0 x 2 against the market makersRight now I am just waiting to see what price wants to do now.
We broke below the 3289.5 support, and if we can't retake that level and hold, price could travel down towards that 3254.1 to cover this VP gap we have marked in the chart.
For now, Wave 5 target still holds at that 3400 level.
I have an alternative wave count that I'll share later, but for now, lets see what price wants to do.
MGC1! Can someone explain the gap to me please? Super confused..
GOLD1! TGT1 and TGT2 today also.....see gold and silver low 95850 and 96100 range......
+118400 per lot todays sell call profit before 11pm......
what next this week.....
sebi registered research analyst....
MGC1! The last update I gave was rejected and here is why:
- Price created a Leading Diagonal pattern, which is a special pattern that price creates when starting a new impulse cycle.
- That pump we had was quickly sold to create the ABC pattern that forms the Wave 2 of this cycle. It found support at that 3289.5 support we talked about and started a reversal.
If you bought at the 3289.5, good for you. Everyone else probably had I little scare, I did lol.
Based on this analysis, My next target will be around 3340, but we first need to break through that 3323.3 and that yellow trendline.
You can see in the chart how im imagining this move to go, but this is just my imagination picturing a clean scenario. You know how price is always trying to shake us off, so don't be surprise if things change.
Lets see what is coming next.
GOLD1! mcx....Operator start works....
almost 700 point gold and 1200 points silver down in next fe minutes....
wait TGT1 95900 and 97000 Gold and silver in next few hours....
MGC1! It looks like we are slowly building up momentum for this reversal. Im currently watching for this 5 wave sequence to start off this move.I believe our first rejection will come from that yellow trendline and possibly together with the 3323.3 resistance level.
Price could totally ignore this and just blast through these levels.
Lets see what happens next...
GC1! 🔷 Price tapped into $3,309–$3,322 OB and rejected🔷 Bearish TW Golden signal + rejection wick
🔷 Breakdown followed through, aligned with macro backdrop
🔷 Comex gold settled 1.92% lower at $3,299.1 – market confirming momentum
🔷 Equity rally + stable rates pressured gold short-term (Is this an okay bias?)
MGC1! Price was trading inside this descending channel and has just broken out of it. now it is trading above the upper channel line, using it as support. If you did not entered at 3289.5, this is a dangerous place to enter now as we can still see some rejection at this 3303.5 - 3308.5 level.
I'd wait for a break above it to enter a position.
If we get rejected, I have 3297.3 and then 3289.5 as possible buy opportunities.
MGC1! And price has entered our Wave 4 target!We got a few minutes until this 1hr candle closes, but now Im waiting for an opportunity for a long entry to target that 3365.8-3443.7 range.
Im also watching to make sure that price does not fall inside that gap created a few weeks ago and maintain support at 3288.9
