We continued to see that bull strength throughout the week. If the daily timeframe trend stays true, we will see price break the all-time high eventually but it is not resistance free rallying. We just tapped into a supply zone that caused a meltdown of 5%. Therefore, this psychological level will probably see some fighting between bulls and bears before it is broken. However, keep in the back of your mind that the four-hour timeframe is still bullish, just because we tapping into that strong zone doesn’t necessarily mean sell off, we will look to trade the pullback but will not assume a reversal until a break of four hour strong lows.
The 15 minute timeframe is still bullish I have yet to see a change of character but the candles printing are indicative of a pullback so we will monitor to see if prices indicates whether it wants to reverse or if it is just correcting before the next leg up.
The 5-minute timeframe is also still bullish but is printing lower highs while maintaining the high low, which is also indicative of a correction. I will need to see a break of structure lows to consider trading the pullback.
Final Thoughts
The big boys are net short on GOLD according to the COT data but a combined non-reportable, non-commercial and commercial are leaning towards bulls. However, as I always say, the trend is your friend and until I see my long-term timeframe structure violated I am assuming the market is just pulling back to continue bullish.
COT REPORT
www.tradingster.com/...egacy-futures/088691
The 15 minute timeframe is still bullish I have yet to see a change of character but the candles printing are indicative of a pullback so we will monitor to see if prices indicates whether it wants to reverse or if it is just correcting before the next leg up.
The 5-minute timeframe is also still bullish but is printing lower highs while maintaining the high low, which is also indicative of a correction. I will need to see a break of structure lows to consider trading the pullback.
Final Thoughts
The big boys are net short on GOLD according to the COT data but a combined non-reportable, non-commercial and commercial are leaning towards bulls. However, as I always say, the trend is your friend and until I see my long-term timeframe structure violated I am assuming the market is just pulling back to continue bullish.
COT REPORT
www.tradingster.com/...egacy-futures/088691
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