Based on the fact that the DXY is still bullish and we could have a potential push soon i believe gold is close to fall.
This is the setup i'm looking for.
As you can see we have taken out sellers from NY session from the start of the week, this could lead to inducing more buyers now to the market as they will see a b/r happening.
So the market has now a lot of buyers trapped in this area where there is enough liquidity to make the price push down.
In line we also have a fib extension coming into play that could indicate price is about to push down.
This doesn't take away that gold could to 2000 or above. But the market knows retail is looking for those psychological levels, so they either push/drop price just under that psychological level.
That's the reason why in this case i'm using my Sl at 2000 because if we go over it ofc our sells are located higher.
But for now in-line with what potentially the dxy could do this is what i'm going for.
This is the setup i'm looking for.
As you can see we have taken out sellers from NY session from the start of the week, this could lead to inducing more buyers now to the market as they will see a b/r happening.
So the market has now a lot of buyers trapped in this area where there is enough liquidity to make the price push down.
In line we also have a fib extension coming into play that could indicate price is about to push down.
This doesn't take away that gold could to 2000 or above. But the market knows retail is looking for those psychological levels, so they either push/drop price just under that psychological level.
That's the reason why in this case i'm using my Sl at 2000 because if we go over it ofc our sells are located higher.
But for now in-line with what potentially the dxy could do this is what i'm going for.