- Gold strength in synch with Dollar-weakness - 2022 distribution-pattern seems completed - M (double top) follwed by 3 impulses lower done - Q4-22 started with W-pattern follwed by first impulse up - Rotation higher is in line with seasonal expectations (strength in NOV/DEC/JAN/FEB) - COT: Institutions are accumulating longs while distributiing shorts, this is double bullish - COT: Buy-side liquidity resting above 1880 - Weekly (fresh) supply-zone at 1943, direct below it is a Daily imbalance
Trade closed: target reached
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1880 hit
Trade closed: target reached
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- GOLD hit weekly supply-zone and dropped like a ton of bricks. - Dollar retrace after FOMC was the driver. - Let Dollar meet upside targets before considering next upside for GOLD.