Gold formed a very tricky doji on Friday. The price is in an area where it has consolidated several times.
Macroeconomics
The FED did not raise rates, but raised the forecast to 6%. And still J.P. did not confirm that they will raise them in the future. The situation is more complex, because of the very high level of debt.
Market sentiment
In my view, recent economic events will lead to more uncertainty, which should push gold higher.
Futures
Pre-market data was bullish, which means that metals are bullish.
Top-Down Analysis
Weekly candle failed to close as a strong bullish manipulation, instead closed as a doji, which is quite disappointing. And still very good rejection at the top of the channel.
Because of the big weekly wick, price may go down trying to fill it or only part of it.
Overall liquidity on the sell side was taken, so no reason to look for big sellers.
This bullish candle is a strong bullish manipulation after the sell side liquidity was taken, suggesting that gold will continue to rise.
The price has been moving in a triangle for the past two weeks and formed a false breakout.
On Friday, the price failed to continue higher, suggesting that the price is still in this consolidation and we may see some bearish moves before gold continues to rise.
Also strong bullish manipulation. Manipulation on the higher time frames is a good sign. I still expect the price to take out at least Friday's doji before continuing higher.
I have two reaction areas.
1) Price will take the doji liquidity and bounce off the cluster of daily and weekly pivot points.
2) Gold will continue lower to retest Thursday's manipulation and reach the monthly pivot point again, before continuing higher.
GDX
GDX was bullish on Friday, which means that gold prices are stable.
Yields
My view is that yields will continue to fall.
Silver
Gold may have paused, but not silver. It formed a large bullish candle on Friday, which is further confirmation that the main move is to the upside.
Macroeconomics
The FED did not raise rates, but raised the forecast to 6%. And still J.P. did not confirm that they will raise them in the future. The situation is more complex, because of the very high level of debt.
Market sentiment
In my view, recent economic events will lead to more uncertainty, which should push gold higher.
Futures
Pre-market data was bullish, which means that metals are bullish.
Top-Down Analysis
Because of the big weekly wick, price may go down trying to fill it or only part of it.
Overall liquidity on the sell side was taken, so no reason to look for big sellers.
This bullish candle is a strong bullish manipulation after the sell side liquidity was taken, suggesting that gold will continue to rise.
The price has been moving in a triangle for the past two weeks and formed a false breakout.
On Friday, the price failed to continue higher, suggesting that the price is still in this consolidation and we may see some bearish moves before gold continues to rise.
Also strong bullish manipulation. Manipulation on the higher time frames is a good sign. I still expect the price to take out at least Friday's doji before continuing higher.
1) Price will take the doji liquidity and bounce off the cluster of daily and weekly pivot points.
2) Gold will continue lower to retest Thursday's manipulation and reach the monthly pivot point again, before continuing higher.
GDX
GDX was bullish on Friday, which means that gold prices are stable.
Yields
My view is that yields will continue to fall.
Silver
Gold may have paused, but not silver. It formed a large bullish candle on Friday, which is further confirmation that the main move is to the upside.
Strategy:
-Macroeconomics
-Market manipulation
-Liquidity calculation
-Economic and price action indicators
-MTF Pivot points
*Fundamental analysis
*Technical analys
*Quantitative analysis
Free group:
t.me/serpentforexclub
-Macroeconomics
-Market manipulation
-Liquidity calculation
-Economic and price action indicators
-MTF Pivot points
*Fundamental analysis
*Technical analys
*Quantitative analysis
Free group:
t.me/serpentforexclub