Yellow zones- critical zones based on the monthly time frame
Red zones- critical zones based on the daily time frame
Blue zones – critical zones based on the 4h time frame
Like I said in my 1H Gold analysis before the price went up - last COT Gold report came out bullish and no changes that could indicate a short momentum are noticed.
We are at the highest price since 2011 and the 1800.000 area has been finally reached. Which means that we have a 4h candle close above the monthly critical area. Now it is important that we see a strong bullish confirmation above the upper-trendline of the closed triangle structure. This will be a strong bullish confirmation.
There 2 scenarios:
1. Most likely the price will go towards the second monthly critical above the 1855.000 area and when it reaches it a strong rejection may come. If this happens, support from the 1800.00 zone is expected.
2. Less likely to happen: a rejection from the 1800.000. This will make the price fall towards the 4h critical point near the 1745.000 mark, where a second bullish attempt may take place.
Happy Trading!
Red zones- critical zones based on the daily time frame
Blue zones – critical zones based on the 4h time frame
Like I said in my 1H Gold analysis before the price went up - last COT Gold report came out bullish and no changes that could indicate a short momentum are noticed.
We are at the highest price since 2011 and the 1800.000 area has been finally reached. Which means that we have a 4h candle close above the monthly critical area. Now it is important that we see a strong bullish confirmation above the upper-trendline of the closed triangle structure. This will be a strong bullish confirmation.
There 2 scenarios:
1. Most likely the price will go towards the second monthly critical above the 1855.000 area and when it reaches it a strong rejection may come. If this happens, support from the 1800.00 zone is expected.
2. Less likely to happen: a rejection from the 1800.000. This will make the price fall towards the 4h critical point near the 1745.000 mark, where a second bullish attempt may take place.
Happy Trading!