As we all know Gold has had an incredible rally this year,
Though, it's been consolidating for the last two weeks, and as far as the structure of the consolidation, some of the liquidity has been taken from the daily FVG on Oct the 30th, leaving a permanent high on the H4 chart with a nice bearish candle
Then it consolidated again for a bit, got an impulse to the downside, retraced with difficulty back to the H4 order block, to consolidate again last 2 days of last week. Finally , it printed what could be more of a permanent high on friday afternoon.
The combination of this, plus the last two day's candles looking bearish, starts to advocate for a bearish bias.
Therefore I'd like to see the price go and reach for the low of the range, after it's breaking the H4 structure
Of course this idea could be invalidated, if Gold was to break above the recent high and the Daily FVG, then we'd reasses the situation.
Still, I would be cautious for longs, Gold has been very extended for a very long time, needs to cool off a bit so we can go buy some coins again!
Cheers!
Though, it's been consolidating for the last two weeks, and as far as the structure of the consolidation, some of the liquidity has been taken from the daily FVG on Oct the 30th, leaving a permanent high on the H4 chart with a nice bearish candle
Then it consolidated again for a bit, got an impulse to the downside, retraced with difficulty back to the H4 order block, to consolidate again last 2 days of last week. Finally , it printed what could be more of a permanent high on friday afternoon.
The combination of this, plus the last two day's candles looking bearish, starts to advocate for a bearish bias.
Therefore I'd like to see the price go and reach for the low of the range, after it's breaking the H4 structure
Of course this idea could be invalidated, if Gold was to break above the recent high and the Daily FVG, then we'd reasses the situation.
Still, I would be cautious for longs, Gold has been very extended for a very long time, needs to cool off a bit so we can go buy some coins again!
Cheers!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.