In my last 3 ideas i have stated that markets are about to crash. In this chart, i will explain what i see in short term.
So now we all know that gold has a lot reasons to go to space but despite protests in USA, uncertainities about 2. wave bc of re-openings, economic damage of covid-19 gave and new monetary policies with low interest rates gold is not going higher. Also it is dropping bc of the strange "optimism" in the stocks. Remember the intellegent investor book in these times. Remember the market crashes before. Market and reality is not matching up. If we return to what i am trying to say in this chart:
Simply, gold draw 2 patterns at the same time. Double bottom and reversed flag. Both of them are working right now. Price is going higher and flat same time. U know what i mean. But only one of them can work properly and that will be determied by the datas we will get today.
We have got strong divergence in the daily chart, so i dont expect the price go higher above 1750-1760 for now. 1717-1722 and 1730-1745 levels are strong supply zones right now. I dont know which one will send price to lover zones but when that happen, you dont want to hold any long positions because we will be heading to 16XX levels so quick. Have good trades, see you around.
Disclaimer: I am just expressing my opinion, i don't accept any responsibility about the trade u will do using this idea. Use your ideas and analysis allways while you trade.
So now we all know that gold has a lot reasons to go to space but despite protests in USA, uncertainities about 2. wave bc of re-openings, economic damage of covid-19 gave and new monetary policies with low interest rates gold is not going higher. Also it is dropping bc of the strange "optimism" in the stocks. Remember the intellegent investor book in these times. Remember the market crashes before. Market and reality is not matching up. If we return to what i am trying to say in this chart:
Simply, gold draw 2 patterns at the same time. Double bottom and reversed flag. Both of them are working right now. Price is going higher and flat same time. U know what i mean. But only one of them can work properly and that will be determied by the datas we will get today.
We have got strong divergence in the daily chart, so i dont expect the price go higher above 1750-1760 for now. 1717-1722 and 1730-1745 levels are strong supply zones right now. I dont know which one will send price to lover zones but when that happen, you dont want to hold any long positions because we will be heading to 16XX levels so quick. Have good trades, see you around.
Disclaimer: I am just expressing my opinion, i don't accept any responsibility about the trade u will do using this idea. Use your ideas and analysis allways while you trade.
Trade closed: target reached:
This part of the trade is over:)