a daily price action after hour update - gold
Good evening and i hope you are well.
Gold
Quote from my weekly post:
short term: Neutral. Bulls could break above 2200 again and bears could also break below 2140.
bull case: Market seems bullish enough for 2220 test again and i think it this time it will break again for retest 2247. I’d be surprised if we get big sell volume around 2220 again. Market is forming multiple triangles but where are obviously still above many many bull trend lines and bears just not doing enough.
bear case: Not much going on for them. I don’t know how strongly 2220 will be sold again but market is going a third time there and bears could also just step aside and trying to short again higher. Looking for longs is the much butter play overall for gold in the current environment.
short term: Bullish. Invalid below 2200 but i think we retest 2247 soon.
medium-long term: very high probability of reaching 2300 and there i will look how the market behaves. We could be entering the equities off and commodities on cycle. Very long term Gold was nowhere near equities and that’s why betting on gold entering a bullish cycle to 3000/4000 is very low probability. Higher probability is betting on a higher high here inside a big trading range 1700 - 2200 and we will trade down over the next months. I would not enter long term positions here. —unchanged, need more time at this level or breakout to change my outlook.
Gold
Quote from my weekly post:
short term: Neutral. Bulls could break above 2200 again and bears could also break below 2140.
bull case: Market seems bullish enough for 2220 test again and i think it this time it will break again for retest 2247. I’d be surprised if we get big sell volume around 2220 again. Market is forming multiple triangles but where are obviously still above many many bull trend lines and bears just not doing enough.
bear case: Not much going on for them. I don’t know how strongly 2220 will be sold again but market is going a third time there and bears could also just step aside and trying to short again higher. Looking for longs is the much butter play overall for gold in the current environment.
short term: Bullish. Invalid below 2200 but i think we retest 2247 soon.
medium-long term: very high probability of reaching 2300 and there i will look how the market behaves. We could be entering the equities off and commodities on cycle. Very long term Gold was nowhere near equities and that’s why betting on gold entering a bullish cycle to 3000/4000 is very low probability. Higher probability is betting on a higher high here inside a big trading range 1700 - 2200 and we will trade down over the next months. I would not enter long term positions here. —unchanged, need more time at this level or breakout to change my outlook.