So, Gold has done some pretty crazy things this week and I wanted to post one last chart to show the current state of gold. Gold continued targeting those sell clusters and eventually hit the very large cluster at 1247 which is why we see a spike. 1250 is a very important history s/r level though so we see a spike up because when PA breaks an important level, it usually needs to re-test. That brings us to the current status, we have somewhat of a range made between 1240-1262 now. If PA moves up, there are some minor buy clusters above that could help it target the larger cluster at 1280. If PA moves down, we see some very strong buy and sell clusters with our end target being 1200. Once PA is able to break the 1234 cluster and hit the one at 1231, we should see enough pressure to continue going to 1200. So, for now, wait for a break of the range, but I'm short biased still.
Comments
sulbas
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Same idea about testing/touching 1220. But dont know when or how. Considering the current rsi chart bears need some rest.
TradeUpCards
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Really enjoyed you sharing this with me today! Thanks again. I think we bounce short term, but love seeing good analysis that shows me risk areas to my trade and what to be prepared for. GL in your trades.