ICHIMOKU WITH GOLD: BUYS:Lots of Money will be made today and Lo
Lots of money will be made today, and lots will be lost today.
7 Years: Gold broke out of a 7-year range in 2019, forming a bullish bar that is currently being traded. Depending on the time frame you're watching, it will show different levels of retracement. The smaller the timeframe, the more volatility and price spikes you'll notice.
2020-2024: Gold was also in a range, which it broke out of in 2024. From January to August 2024, it closed bullish, struggling to break out from its previous high within the same bullish candle.
Today, it managed to make a huge breakout on smaller timeframes. Those who had stop orders set to buy are now in profit, and those who jumped in after the news joined those anticipating that the price would hold at 2531.74 and fall. Now, we have more sellers than buyers in the market.
Those who have been holding at 2531.74, hoping for a drop, are now considering offloading, at least hoping for the price to retrace to 2531.74 so they can exit their positions. Once they do, the price may spike up again as early buyers panic, fearing they've bought at the wrong time.
It's better to wait for the 2531.74 level to be tested before buying back, with a stop at 2556.34. Be patient and let the noise settle.
7 Years: Gold broke out of a 7-year range in 2019, forming a bullish bar that is currently being traded. Depending on the time frame you're watching, it will show different levels of retracement. The smaller the timeframe, the more volatility and price spikes you'll notice.
2020-2024: Gold was also in a range, which it broke out of in 2024. From January to August 2024, it closed bullish, struggling to break out from its previous high within the same bullish candle.
Today, it managed to make a huge breakout on smaller timeframes. Those who had stop orders set to buy are now in profit, and those who jumped in after the news joined those anticipating that the price would hold at 2531.74 and fall. Now, we have more sellers than buyers in the market.
Those who have been holding at 2531.74, hoping for a drop, are now considering offloading, at least hoping for the price to retrace to 2531.74 so they can exit their positions. Once they do, the price may spike up again as early buyers panic, fearing they've bought at the wrong time.
It's better to wait for the 2531.74 level to be tested before buying back, with a stop at 2556.34. Be patient and let the noise settle.
Penafian
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