Gold - Too good to be true?
Hey fellows!!!
Gold is still pushing down,
On the lower TF we gat what looks like to be a couple of bearish flags breakouts going on.
After gold has been trading in a tight ascending range all week, it finally broke the flag down yeasterday following US news,
And today, it came back to retest the 1870 level and again, US news kicked in!
So here are we now, breaking another flag, to, maybe, go get the 1830ish + level where gold could find some support, so that would be a great target,
Reasons that make me think of a fall until the Target Area:
1) Gold getting a lot of selling pressure
2) It broke a bearish flag yesterday, and retested it today
3) It's breaking another flag right now
4) It retested 1870 with an ugly "not in the textbooks" inside bar on H2, nice
wicks on H4, several engulfings on H1
5) 1870 was also the 50% fib retracement of the last impulse down move
6) the break of the mother bar in H2 is a signal for a sell, like were the past two H4 candles as well,
Ok well again we will see what the market decides to do but hey gold, that a lots of facts that go in favor of a meltdown! Even just temporary, there's only one thing, the 1850 level is on the way. Price bounced on it once, so, it's gat to make it trought otherwise we might see another restet of 1870.
But then after that, ther'es virtually no resistance all the way to the Target Area, knowing that there's an imbalance if you look left on gibber TF
The whole thing about it is, is it too good to be true or, is it like sometimes it's just like in the textbooks?
Market will tell :)
Thanks for reading
Cheers and happy trading!!!
Gold is still pushing down,
On the lower TF we gat what looks like to be a couple of bearish flags breakouts going on.
After gold has been trading in a tight ascending range all week, it finally broke the flag down yeasterday following US news,
And today, it came back to retest the 1870 level and again, US news kicked in!
So here are we now, breaking another flag, to, maybe, go get the 1830ish + level where gold could find some support, so that would be a great target,
Reasons that make me think of a fall until the Target Area:
1) Gold getting a lot of selling pressure
2) It broke a bearish flag yesterday, and retested it today
3) It's breaking another flag right now
4) It retested 1870 with an ugly "not in the textbooks" inside bar on H2, nice
wicks on H4, several engulfings on H1
5) 1870 was also the 50% fib retracement of the last impulse down move
6) the break of the mother bar in H2 is a signal for a sell, like were the past two H4 candles as well,
Ok well again we will see what the market decides to do but hey gold, that a lots of facts that go in favor of a meltdown! Even just temporary, there's only one thing, the 1850 level is on the way. Price bounced on it once, so, it's gat to make it trought otherwise we might see another restet of 1870.
But then after that, ther'es virtually no resistance all the way to the Target Area, knowing that there's an imbalance if you look left on gibber TF
The whole thing about it is, is it too good to be true or, is it like sometimes it's just like in the textbooks?
Market will tell :)
Thanks for reading
Cheers and happy trading!!!
Comment:
Made it!!