Hey guys hope you are all well!
It's currently looking like the bears have complete control over Gold at the moment. It is looking very likely that the market is retesting 1860.700 after a breakout to the downside from this price. As you can see on Friday, Gold had broken out of a consolidation zone @1860.700 and shot down to 1843.430. From 1843.430 price has retraced back up towards 1860.700, potentially retesting the 1860.700 support break as resistance but the market has not quite reached it yet and is currently trading in a small range between 1853.300 and 1857.820. I would like to see the market to reach 1860.700 again before moving back down to 1843.430 and potentially even further on later in the week, but there is a potential that gold could make a surprise move and never retrace 1860.700 properly. I will only be entering a SELL Position if the market makes a retest of 1860.700, but If there are any changes to the set up I will be sure to update the idea and it will then depend on market structure to enter somewhere else. As of now 1860.700 needs to be retested before entering.
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It's currently looking like the bears have complete control over Gold at the moment. It is looking very likely that the market is retesting 1860.700 after a breakout to the downside from this price. As you can see on Friday, Gold had broken out of a consolidation zone @1860.700 and shot down to 1843.430. From 1843.430 price has retraced back up towards 1860.700, potentially retesting the 1860.700 support break as resistance but the market has not quite reached it yet and is currently trading in a small range between 1853.300 and 1857.820. I would like to see the market to reach 1860.700 again before moving back down to 1843.430 and potentially even further on later in the week, but there is a potential that gold could make a surprise move and never retrace 1860.700 properly. I will only be entering a SELL Position if the market makes a retest of 1860.700, but If there are any changes to the set up I will be sure to update the idea and it will then depend on market structure to enter somewhere else. As of now 1860.700 needs to be retested before entering.
If you agree with my analysis feel free to leave a like on this post!
Be sure to follow me to receive notifications each time I post my analysis!👍
Comment:
For those wondering what went on with this trade on Gold, I closed out breakeven @1860.700 at around 10AM GMT this morning based off the fact the market moved a considerable amount against me creating a bullish engulfing giving me a clear signal to manage risk and get out of the trade before a potential move further against me.