2024-11-13 - priceactiontds - daily update - goldGood Evening and I hope you are well.
tl;dr
gold - We are at the last stand for the bulls before this is going to free fall down to 2500 or 2400. I have on more open bull gap to 2560 and if that is closed, there is no more support until much lower. It’s obviously max bearish but I won’t short this. r:r is not there imo.
comment : Easy to write about. Either bulls reverse this very hard above 2560, or we flush down to 2500. Market made the move from 2600 to 2800 in 40 days and bears now reversed it in 9. This selling is as climactic as it get’s. A short squeeze is almost inevitable at this point. Need huge buying pressure and a give up bar for me to join the bulls. Every touch of the 4h 20ema has been sold for 2 weeks. First target for the bulls is 2600, followed by 2630 and then they still have 2 more bear trend lines to break. Really tough for bulls. If they manage those targets, market turns neutral and we will probably move sideways.
current market cycle: bear trend
key levels: 2600 - 2700
bull case: Bullish have their do or die moment here under 2600. Reverse or flush down to 2500. Selling is overdone, which is weird since we started at overbought. Interesting times. Weekly 20ema is at 2600 and an open bull gap. This support is as good as it gets, if it fails, sell this hard.
Invalidation is below 2570.
bear case: Bears selling it all. Best shorts are from the 4h 20ema. Can you still sell this on the next 4h ema touch? Yes but you have to be prepared that market will make a higher low, since this is so oversold.
Invalidation is above 2630.
short term: Neutral until big buying pressure. Below 2570 I join the bears if we flush down.
medium-long term - Update from 2024-11-13 : Will do an update on the weekend. 3000 is not going to happen. If bulls are lucky, they see 2700 again but for now that’s more of a dream than a likely outcome.
current swing trade: None
trade of the day: Selling 4h 20ema.
