GOLDGold is a daily demand zone, buy while taking into account not breaking the zone and possible reaction from the zones
GOLDPETAL1! trade ideas
Gold Market Update: Key Support Levels to Watch This Week This week, the gold market is showing signs of potential recovery as prices dip into key demand areas. Currently trading at a discount, gold may find support around the $2,300 to $2,400 range. These levels are crucial to monitor as they historically represent strong buying interest and could act as a springboard for price stabilization or even a potential rally.
As always, keep an eye on broader market indicators, including economic data releases, geopolitical developments, and currency fluctuations, as they can significantly influence gold prices. Traders should remain vigilant and consider these support levels when making informed decisions.
10am 4H candleFollowing trend said earlier targeting the daily FVG. Came into previous H4 Wick with M15 range and IRL
Updated intraday gold short Previous was sold early. London session manipulation hadn’t kicked in yet, plus untaken M15 Internal liquidity. After that we saw sell off after halfway through H4 candle
Updated intraday gold short Previous was sold early. London session manipulation hadn’t kicked in yet, plus untaken M15 Internal liquidity. After that we saw sell off after halfway through H4 candle
GC1: Sell ideaSell idea on GC1 as you can see on the chart because we have the breakout with force the vwap and the Belkhayate Iceberg and also the support line by a big red candle follow by a large red volume.
Gold Long Term Chart UpdateAdded a secondary target. Gold going as it should adjustments made from last chart.
The #1 Reason Gold has hit New HighsGold is a store of value, and its real money
when the price of gold goes up, this is not a good sign for the economy.
It means your local banks are buying it
Because the people have lost faith in the currency because they are not saving
their money in the banks.
You see for a currency to have "Power" you
have to save it in the bank account
This is the only way that you can give your currency power
if you are not saving it, it means the banks are going to buy Gold
In order to stay in the banking business
Have you noticed the Rocket booster strategy?
it has 3 steps, if you want to learn more about this powerful technical
analysis tool, i used on this Gold chart Rocket boost this post to learn more.
Gold is a very valuable metal and so is TVC:SILVER
this is the best time to get in before the federal reserve drops rates.
Thank you for reading.
Disclaimer: THis is not financial advice , you will lose money in trading wether you like it or not.Please learn risk management and profit-taking strategies.
This is why gold's breakout stopped dead in its tracks at an ATHThe combination of dovish Fed comments and a softer inflation report from Canada excited gold bulls enough to send spot prices convincingly to a record high on Tuesday. It was gold's best day in 4 months and closed near the high of the day. Yet it couldn't quite stretch to $2370. And here is why...
The front-month adjusted futures contract for gold rallied in tandem with spot prices, yet failed to test its own record high set in May. And until it does, I remain suspicious of runaway gains for spot gold prices. in fact, it raises the odds of a pullback for gold.
We're not looking to be bearish gold, as the breakout is solid, market positioning remains convincingly bullish without being a sentiment extreme and fundamentals support higher prices. But intraday traders should at least be aware of resistance on the futures contract, to manage their own expectations for spot gold prices if nothing else.
GOLD FUTURES : OUTLOOK This is the same idea. as previously posted but on the futures chart. It seems price is already at our entry on the futures contract chart.
"May fortune attend thee, and thy trade prosper." .......L2Earned
2024-07-16 - priceactiontds - daily update - goldGood Evening and I hope you are well.
comment: In my weekly post I expected a pullback to the bull trend line and that bulls would buy it again. That happened and then some. Very strong buying and market is right under prev ath 2477.1. It’s strong enough to expect more upside and we can probably print 2500 tomorrow. Where are the bears? Gone and waiting for bulls to start profit taking. You will see consecutive big bear bars and know when they appear. Will be a decent tripple top to short.
current market cycle: trading range
key levels: 2300 - 2500
bull case: Bulls want a new ath and all the stops too close above it. 2500 would be a nice round number to reach. After that I don’t have anything for the bulls. It’s a trading range since April and such big trading ranges happen before the final flag and this one here is probably it. I would not bet on another strong bull trend above 2500.
Invalidation is below 2400.
bear case: Bears stepping aside enough and letting the higher high happen. They will probably wait for the bulls to begin the profit taking before shorting aggressively. Since the highest monthly close is from May and below 2350, I don’t have much arguments for the bulls until they close a month above that price.
Invalidation is above 2510.
short term: Bullish af. Don’t look for shorts. Go long on strong momentum and see how high this can go. 15m 20ema is my stop on any long as long as it holds.
medium-long term: For now I think the most reasonable outlook I could give is a trading range 2200-2500. This could hold for some time. Bear in my still thinks this rally is dumb and we will see 2000 again this year but that’s as unreasonable of an outlook one could hold so DON’T. —adjusted 2450 to 2500
current swing trade: None
trade of the day: Long anything around the 1h 20ema.
Can the HOUSE SHORT GOLD from 4Hr Supply/78.5% Daily Fib. Level?COMEX:GC1!
"Excellence is not a singular act but a habit. You are what you do repeatedly." -Shaquille O'Neal
Top of the Morning Family! As we approach the start of a new trading week 2nd week in July, I have drawn out this Narrative to Possibly SHORT GOLD if we can get buyers to push price up into Higher Premium Pricing on the DAILY Fib... Below I will give a brief description into what I'll be looking for in order to go SHORT on this asset. I am expecting a bunch of Volatility in the markets this week as Donald TRUMP was so called shot at yesterday in a failed attempt at his presidential rally while speaking to the masses...
1) Price is caught on the HTF in between 70.5% - 62% Daily Fib. Levels... Buyers have created a huge 4Hr Bear indecision candle that I Believe will Hold to support more buyers into pushing price into HIGHER Premium Fib. Levels...
2) Now if we can get this 4Hr Demand zone to Hold at 62.0% Fib. Level. and Buyers push price Higher into Mitigating the 4Hr Supply Zone / 78.5% Killzone Fib. Level above, I will then drop down to the LTF'S and wait for a confirmed 15M CHoCh and then look to scale SHORT after the mitigation of these levels have been completed....
3) Now if we can get these sequence of events to take place I will enter off a confirmed 15m Bear CHoCh and look to target 62% Fib Level... Roughly around 250-290 Pts SHORT IN our favor... Also price needs to be trading underneath the RED Vwap on the 1Hr TF and below as a last min confirmation to enter the market SHORT ....
****Please remember we have to pay very very CLOSE attention to the US DOLLAR as they do trade against each other.... Whenever I am looking to trade GOLD I always pay attention to where the US DOLLAR could potentially be headed as well! NVR FORGET!!
4) I'll keep close update as PA develops and we have more data to work with...
Remember when it comes to FRM (Financial Risk Management) our job is to manage the downside costs of printing High side returns of $$$ consistently... Let's Keep Steppn!!
Stay Focused & Reach Excellence!!
#BHM500K #NewERA #Champions
Gold/Silver, the Missing PieceGold (August) / Silver (September)
Gold, yesterday’s close: Settled at 2428.9, up 8.2
Silver, yesterday’s close: Settled at 30.936, down 0.226
In recent days, Gold futures have shown significantly more buoyancy than Silver. In fact, Gold reached a high of 2448.5 this morning, shortly before stronger than expected Retail Sales data batted it back. This is about 1% from Gold’s record high of 2477, whereas Silver has struggled below $32 and more than a dollar (about 3%) from its 33.05 peak on May 21st, not to mention a level nearly 50% from Silver’s record high. The Gold/Silver ratio broke a critical area of support in the first half of May as Silver showed significant strength into $33 and since bottoming on May 29th it has consolidated (because Silver is the denominator, a lower ratio shows Silver outperforming). Over the last three sessions, Gold has diverged, and this brings the ratio near the upper-end of its range over the last two months and will prove to be a critical time for the precious metals. We are currently in a seasonally supportive time for metals and economic data has broadly trended softer, which has been supportive to the narrative Fed cuts and thus a tailwind to metals. In fact, the CME Group FedWatch Tool has shown nearly a 60% probability the Fed cuts three time this year. However, a failure of Silver to participate will certainly make it a difficult environment for metals to perform.
Bias: Neutral/Bullish
Resistance: 2445-2449.1***, 2455***, 2461.7***, 2471.3-2477****
Pivot: 2433
Support: 2428.9-2430.4***, 2415.7-2419.1***, 2406.1**, 2396.1-2401.5***
Silver (Sept)
Resistance: 31.23-31.28**, 31.45-31.53***, 31.69-31.80***, 31.98**
Pivot: 31.00
Support: 30.62-30.84***, 30.45-30.54***, 30.34**, 30.00-30.17****
Check out CME Group real-time data plans available on TradingView here: www.tradingview.com
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Gold Day Trading analysisOn USD/JPY , it's nice to see a strong buying reaction at the price 2388.
There's a significant accumulation of contracts in this area, indicating strong buyer interest. I believe that buyers who entered at this level will defend their long positions. If the price returns to this area, strong buyers will likely push the market up again.
The S/R zone from the past and high volume cluster are the main reasons for my decision to go long on this trade.
Happy trading
Dale
GOLD Begins Downtrend Amid Fed Rate Cut SpeculationsGold prices have initiated a downside movement during the early European session on Monday. Market participants appear convinced that the Federal Reserve (Fed) will start cutting interest rates in September, which is seen as a potential tailwind for the non-yielding yellow metal. Our analysis indicates that the price is currently within a supply area, showing a rebound on the daily timeframe.
Commercial traders remain bearish on gold, while retail traders are holding bullish positions. Despite not having all the confirmations, we anticipate a possible drop in gold prices towards the previous demand area. The prevailing market sentiment suggests a potential for gold to continue its downward trajectory.
Moreover, the markets are also factoring in the possibility that the Fed will lower borrowing costs again in December. This expectation is preventing the US Dollar (USD) from capitalizing on its modest recovery from a three-month low, adding another layer of support for the USD-denominated gold price. Typically, lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, thereby boosting its appeal.
As the Fed's monetary policy outlook continues to evolve, the anticipation of rate cuts is likely to influence gold prices further. The interplay between commercial and retail traders' positions, along with broader market dynamics, will play a crucial role in shaping the future price movements of gold.
In conclusion, with the early signs of a downtrend in gold prices and the market's conviction about impending Fed rate cuts, we are poised to see continued volatility. The current supply area and the bearish sentiment among commercial traders support the case for a potential decline towards the previous demand area. Investors should closely monitor these developments to make informed decisions in the gold market.
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mgc1My external Structure 15min Time Frame is Bullish (buys), my internal structure within my range was bearish (sells) as it was in the pulling back phase, we can now see that the pullback is over as we now have a CHOCH, (Change of Character), so now external and internal order flow is Bullish (buys) we can now look at LTF (Lower Time Frame) which will be the 1 minute for entry. However I want price to reach our AOI (Area of Interest) which is the Bullish FVG (Fair Value Gap) just below the LQ (Liquidity Sweep) once we get abit of fuel in our system we will then look to enter after confirmations.
#202429 - priceactiontds - weekly update - goldGood Evening and I hope you are well.
Quote from last week:
comment: Bulls got the breakout above and 2 good looking bull bars above the daily 20ema. Above 2407 we can expect bears to give up and a retest of 2460 or higher. Market is amazingly symmetrical. 3 tries to drop below 2300 and we are probably seeing the 3rd try at printing above 2477 over the next days. It’s a big trading range and I will long this above 2407 for 2460+ and will short this above 2460, once market turns around again. Maybe bulls can print a higher high or maybe they don’t, it does not matter since you wait for the clear reversal before shorting again.
comment: Bears tried to bring it below the daily 20ema and failed again. Bulls got another smaller higher high which was also a perfect breakout, retest and long again. So bulls are in full control but they are also not very strong or the market would not pull back each time after 1-2 good looking bull bars. Same reasoning as last week. Can bulls print a higher high or will this become a right shoulder? Probably the latter. Bulls are at 2 good resistance lines and buying above 2400 has not been profitable for more than 2 days in this market ever.
current market cycle: trading range until 2300 or 2407 is broken. If bulls break above, trading range is expanded again up to 2480
key levels: 2300 - 2480
bull case: Bulls keeping it inside the bull wedge and channel and as long as we stay in them, it’s bullish af. Bulls are mostly buying dips and not highs, otherwise market would print more consecutive bull bars. Targets for the bulls are obvious, retesting 2477 or making a higher high.
Invalidation is below 2370.
bear case: Bears only need 2 consecutive bear bars to reverse the market to below 2350 again. They are selling new highs inside the channel/wedge and so far it was profitable at least for scalps. They want this leg up to become the right shoulder and finally break the neckline on the next leg down and get below 2300.
Invalidation is above 2510.
outlook last week:
“short term: Neutral until break above 2407. Bullish above”
→ Last Sunday we traded 2397 and now we are at 2420. 23 points higher… I mean… That’s pretty neutral to me since we also traded 30 points lower during the week.
short term: Bearish for a pullback at least to the lower bull trend line again where I expect bulls to buy it again. No opinion after that.
medium-long term: For now I think the most reasonable outlook I could give is a trading range 2200-2500. This could hold for some time. Bear in my still thinks this rally is moronic and we will see 2000 again this year but that’s as unreasonable of an outlook one could hold so don’t. —unchanged
current swing trade: Went long but cut it early. It’s not bullish enough to buy up here. Will only look for shorts once we break the bull trend line.
Chart update: Adjusted the bull wedge and added bull channel with last recent highs but just minor things. Trading range price action and patterns are weak at best.
Gold is forming a bullish flag. We are close to a break out in gold. Notice the bull flag pattern forming on the daily chart.
Where next for Gold?Gold is tricky at the moment because it's uncoupled from traditional influencers, it is a form of currency and I think central banks buying gold as a possible hedge against any pending currency crises that might ensue either debasing the US$ or the problems the Japanese are facing with their currency woes.
So I believe we push on higher but at a junction right now on whether we continue to correct a little more or continue the move higher, I have mapped out possible moves.
-3% Gold and -5% Silver....DOWN.....from today's high...in 2days-03.00% in Gold.....and -05.00% in Silver.....DOWN in 2 DAYS.....
Gold and Silver crashed.....IN 2DAYS......
Sell......Gold August Futures.....2430.30 range to 2357.00......before Friday's closing.....
Sell......Silver September Futures.....32.002 range to 30.400......before Friday's closing.....
End of a great weekLast week was hard but with this one my stats are better now, but the most important thing once again, I did it following my trading plan.
