A continued decrease in the value of GOLD is anticipated, which recently experienced a rise from $1620 to $1970 price levels between November 2022 and February 2023.
GC shows signs of weakness and is likely to continue to head lower, as indicated by the strong rejection of the $1970 price level.
The strategy involves a weak correction upward towards the MSS line, followed by a sell-off targeting the $1864 bullish order block.
If the trend persists and the order block fails, then the sell-off is likely to continue toward sellside liquidity below the order block as a secondary intermediate term objective shooting for $1830.
Further potential targets include $1804, $1793, and $1778 levels after that. Ideally this play I would like to see with large range candles slicing through with relative ease.
If the retrace toward the MSS line breaks the $1975 high, then the trade idea will be invalidated.
GC shows signs of weakness and is likely to continue to head lower, as indicated by the strong rejection of the $1970 price level.
The strategy involves a weak correction upward towards the MSS line, followed by a sell-off targeting the $1864 bullish order block.
If the trend persists and the order block fails, then the sell-off is likely to continue toward sellside liquidity below the order block as a secondary intermediate term objective shooting for $1830.
Further potential targets include $1804, $1793, and $1778 levels after that. Ideally this play I would like to see with large range candles slicing through with relative ease.
If the retrace toward the MSS line breaks the $1975 high, then the trade idea will be invalidated.
Comment:
Price is reaching for the first target at 1864. Let's see if the momentum to the downside will continue...
Comment:
1864 target hit. Let's see if the drive lower will continue.
Comment:
1830 target hit.
Comment:
Gold is still looking on the heavier side. If DXY continues to be bullish, then I expect gold to continue to tumble toward 1778 level.
Comment:
Gold has had a very nice pullback higher over the last week after running on the 1820 price level lows, enticing retail bulls to pile on. After today, the Faux bullish run appears to have fizzled out.
JPowell's manual intervention in the markets put pressure on gold with what I believe will be the start of the next leg lower toward the ultimate target of 1780 price point.
JPowell's manual intervention in the markets put pressure on gold with what I believe will be the start of the next leg lower toward the ultimate target of 1780 price point.
Trade closed manually:
Trade idea to hit the final target at 1780 price level fizzled out after price begun to rally. 2 of 3 targets reached, not too shabby.