My Analysis Of Gold Price Next Week - Another Big Short Possible
From what I can glean, the damage on Friday's Short came from an M_Top pattern on the Hourly-Chart. These breaches at the neckline are notorious for huge sell-offs.
One thing I am being mindful of is a more extensive M_Top pattern on the 4HR chart. But the scary thing is that the neckline is only 0.69% down the Gold-price corridor. Scary stuff hey!
But wait, there's more!
A breach of the neckline around 2482 could wind the Gold-price back to 2434. Now, I am not saying that is definitely going to play-out. We just have to be careful with the USDX again rallying next week. This is just a scenario that is possible. Why? Please read on below.
As it turns out, the 2434 level where price 'could-go' is right on the Daily-chart 50EMA and just below that is a firm 4HR support level at 2432. If this plays out, support would be made around 2432, and so long as price holds at this level there would also be firm support by the Daily 50 EMA.
Here is the Daily-Chart which supports my theory.
* This is my own analysis of the Gold-price. This does not constitute financial advice on whether you should be buying or selling the Gold-price.
* Trading is Risky. Please don't solely accept my setups or financial advice. Glean your research from a variety of professional traders.
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We are heading down perhaps to that 2482 level weakness. I am Short.Nota
Price is only 0.5% above Nota
price at a juncture guys. 10 second chartNota
1m Heads n Shoulders.Nota
Bearish H&S on 30sec, 45sec, 60secs.Nota
On these low timeframes is the bearish H&S with an opposing bullish W/bottom supporting price currently. It's possible that the H"S will be negated by this upwards momentum from the w/bottom. Lets wait and see.Nota
Price-action looks to be retesting and selling off.
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Very subtle notice the wicks on yellow 9ema... slight retrace and more selling emerges.Nota
Price is under the Psychological-barrier of 2500 & price is trending down for the past 90 minutes.Pesanan dibatalkan
Make or break as 2500 is taken. That economic data stuffed me around. I will be short again later I would say.Nota
Be aware the economic data coming out of Europe this morning is very bearish for gold....pmi figure... I. am long but cautious.Nota
GBP pmi is due in 2 minutes.... I locked in some tiny profits to see the outcome shortly.Dagangan aktif
Long Gold:Things turning bullish for the next little whilie
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London open in 8 minutes. Hopefully get a nice push upwards.Nota
USDX bullish W/bottom is worrying on 5m left of screen.Pesanan dibatalkan
Falling wedge price. Path of least resistance is still down guys. I think price may test that weakness at 2482 later. That will be a huge Short if that level is broken. I am out of long despite breakingout back there. No momentum upwards. Short soon for me.Nota
Very low tiimeframes. 2496 is the next logical windiing back. Then perhaps a crack at the real weakness 2482.
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.