From the technical view:
1. From the Monthly perspective, the price created an impulse to the upside without any proper retracement, now we can expect a deeper retracement to at least 38.2 FIB Retracement taken on the monthly impulse.
2. From the Weekly perspective, the price just created an impulse to the downside followed by a correction and now we can see that the new impulse to the downside is already started. Therefore, further downside is expected.
3. From the Daily perspective, the price created an impulse to the downside followed by a correction and all these correction was formed to a counter trend line, and the price is seem like break below the counter trend line but it still inside the strong support level at the moment.
From the fundamental view:
1. Big players bullish bias on GOLD in both LT and ST
2. In the new report, net position is slightly increased from 219k to 249k, and the long was added around 13k and short added 4.2k. Since they are still on bullish bias on GOLD, but from the technical view is indicating bearish, therefore we only can rely on the TA.
How to approach GOLD?
1. Waiting for the proper break out on the support level on the daily timeframe. After that we can looking for the short opportunity on the lower timeframe, if your rules of the strategy are fulfilled.
2. Just short when the market open is not a good idea, even now the price already broke the counter trend line because price still inside the strong support level and price may bounce back from here, since Big Players still bullish on GOLD.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on GOLD or which pairs you would like to me analyze in the future.
Kindly visit my profile and get more free analysis every single day.
1. From the Monthly perspective, the price created an impulse to the upside without any proper retracement, now we can expect a deeper retracement to at least 38.2 FIB Retracement taken on the monthly impulse.
2. From the Weekly perspective, the price just created an impulse to the downside followed by a correction and now we can see that the new impulse to the downside is already started. Therefore, further downside is expected.
3. From the Daily perspective, the price created an impulse to the downside followed by a correction and all these correction was formed to a counter trend line, and the price is seem like break below the counter trend line but it still inside the strong support level at the moment.
From the fundamental view:
1. Big players bullish bias on GOLD in both LT and ST
2. In the new report, net position is slightly increased from 219k to 249k, and the long was added around 13k and short added 4.2k. Since they are still on bullish bias on GOLD, but from the technical view is indicating bearish, therefore we only can rely on the TA.
How to approach GOLD?
1. Waiting for the proper break out on the support level on the daily timeframe. After that we can looking for the short opportunity on the lower timeframe, if your rules of the strategy are fulfilled.
2. Just short when the market open is not a good idea, even now the price already broke the counter trend line because price still inside the strong support level and price may bounce back from here, since Big Players still bullish on GOLD.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on GOLD or which pairs you would like to me analyze in the future.
Kindly visit my profile and get more free analysis every single day.