Why I Think Gold Will Sell Before it BuysHey Rich Friends,
Happy New Year! This year, I will be posting more Gold Analysis videos that will be just like my Forex ones. If it is helpful, and you learn something, you can follow me here :)
After reaching an all-time high last week, I think Gold will be retesting lower levels before it continues to buy. Here is what I am looking at:
- The market hit a swing high at 2817.09 before it started to sell and create lower highs at 2806 and 2791.
- Structure was broken on the downside at 2785 triggering my first sell stop.
- The STOCH is facing down, the slow line (orange) is above the fast line (blue), and both lines have crossed below 80% and 50% making this a strong bearish confirmation for me.
- I believe that the next levels to be hit will be 2775, 2770, 2760 and potentially as low at 2746 if it closes below the 200 EMA.
Now overall, Gold is on the up and up but that doesn't mean that we cannot make money on shorts. I encourage you to check the news, cross reference your own charts and indicators and make the best decision for your account!
Peace and Profits,
Cha