Price was made a big impulse to the daily resistance and expect it starting a push to the downside from here
Because from the COT perspective, in this push to the upside, hedge fund is actually closing their long position and started adding around 2k of the short positions on gold, meaning that this push to the upside is want to accumulate some short positions in order to sell at a higher price.
It is best for us to monitor the price action in the 4h time-frame inside the daily resistance area if there has shown any confirmation inside this area, then we can take a sell position with a good risk-reward. if the price continues to break below the second structure, it may form a HNS pattern for us and for another entry on the right shoulder.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
Because from the COT perspective, in this push to the upside, hedge fund is actually closing their long position and started adding around 2k of the short positions on gold, meaning that this push to the upside is want to accumulate some short positions in order to sell at a higher price.
It is best for us to monitor the price action in the 4h time-frame inside the daily resistance area if there has shown any confirmation inside this area, then we can take a sell position with a good risk-reward. if the price continues to break below the second structure, it may form a HNS pattern for us and for another entry on the right shoulder.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.