SerpentForexClub

SerpentForexClub

Do you see the triangle? I am still bullish, but because of the structure gold could stuck for a while in the price area.

SerpentForexClub

It seems that the news yesterday brought a reversal after liquidity grab. Also gold formed bearish manipulation. Almost every time gold reverses after FOMC.

SerpentForexClub

I expect a retracement to the high concentrated manipulation area. This area should act as support and push the metal up.

SerpentForexClub Updated 

I expect from gold to bounce back from the latest strong manipulation area. Still because of the current price action we need some confirmations if price reach this area. The recent double top suggesting bullish price action, at least the liquidity from the top is taken. It means that the bearish move could happen after liquidity grab and finish as bearish day.

SerpentForexClub Updated 

It seems gold is forming a wedge. How direction exactly is going to move is not clear, but I am pretty sure price will dance around the equilibrium.

SerpentForexClub

Last day of the month is always hard to trade, but in my opinion Gold is going to rise.

SerpentForexClub Updated 

Yesterday gold formed a 4H bullish manipulation and very slowly the price started to rise. Today I think it will be very slow or very choppy, given the season.

SerpentForexClub

It is very choppy price action this month. For today, I think gold will go down a little bit. I am concentrating on the two reasonable areas where manipulation has occurred.

SerpentForexClub

It seems that gold is not going to form bigger retracement. I expect slowly bullish continuation until CPI. There are a lot of fundamental reasons for gold to fly, so will be lucky when gold come back for a good swing trade.

SerpentForexClub

After the last big profitable day, my bias is again bullish. In my opinion gold will consolidate for most of the day and then should go up. In case we get a deeper retracement, I marked the next reaction area.

SerpentForexClub

It is very slow market expecting the FED tomorrow. There is still no clear direction - a huge imbalance below the current price, but still gold is steady.

SerpentForexClub

I see no reason for gold to fall. The fundamentals are very strong, as is the technical analysis. We have seen that even inflationary NFP have failed to move the market in opposite direction. I would use every single drop to buy gold. According to my Elliot wave count and also the type of market structure, gold has more room to rise before a major retracement or...

SerpentForexClub

It seems that gold will not make a bigger retracement, at least not until NFP. Today I will look to buy from the marked zone, with the idea that gold is moving in a bullish channel. I see multiple confirmations at that area - channel, cluster of pivot points, 50% of the wick. Currently the fundamental drivers are bullish - bank crisis again, China, war...

SerpentForexClub

Gold has soared not only because of the recent war activity between Russia and Ukraine, but also because of fears of the next wave of banking crises. It would be very nice to see gold return to the 2050 area, but I doubt it. I will try to buy at 2070 first and then see. As it is still Monday, gold could create a small consolidation, meaning it will continue...

SerpentForexClub

I have marked on the chart how strong the bearish manipulation was negated and the price went back to retest it. Today I expect a very choppy price action as it is the last day of the month and I also expect a similar price action - a retest of the negation.

SerpentForexClub

Gold is still bullish it should make strong move these days.

SerpentForexClub

Gold is still in the channel, still bullish. There are few dojis up there, so I think those are the targets for now.

SerpentForexClub

It seems that gold is moving in a choppy bullish channel. In my opinion the yellow metal will go up to retest the CPI news release.