Monthly
As the month comes nearer to an end, there is clear rejection just shy of the $1300 per oz level. Not only have be been bearish this month with a long upper wick, signifying selling pressure, we have nearly completed an evening star. In April, we also saw a shooting star formation.
Weekly
4 weeks ago we saw a strong bearish shooting star and the momentum has been following through since. The MAs are converging and close to a potential crossover to the downside. The week is still yet to close but we may close below both our MAs as well.
Daily
The first clue of a reversal was a double top with a the second peak completing on 6th June. Since then momentum has been bearish and we have also seen our MAs cross to the downside. On Monday, a bearish engulfing candle took out 3 days worth or prior bullish price action and broke our daily TL as another confluence. This also broke the key support area of $1250 per oz and retested - rejected as a shooting star for yesterdays daily close. Today's candle might complete a 3 pin formation.
H4
The four-hour TF has been producing steady lower highs and lower lows which are in alignment with the daily and weekly perspective. We have also rejected the 61.8% level with a tweezer top and 3 pin formation. These are confluent with our CTL break and MAs close to crossover to the downside. A clear bearish engulfing today pushing us further down.
As the month comes nearer to an end, there is clear rejection just shy of the $1300 per oz level. Not only have be been bearish this month with a long upper wick, signifying selling pressure, we have nearly completed an evening star. In April, we also saw a shooting star formation.
Weekly
4 weeks ago we saw a strong bearish shooting star and the momentum has been following through since. The MAs are converging and close to a potential crossover to the downside. The week is still yet to close but we may close below both our MAs as well.
Daily
The first clue of a reversal was a double top with a the second peak completing on 6th June. Since then momentum has been bearish and we have also seen our MAs cross to the downside. On Monday, a bearish engulfing candle took out 3 days worth or prior bullish price action and broke our daily TL as another confluence. This also broke the key support area of $1250 per oz and retested - rejected as a shooting star for yesterdays daily close. Today's candle might complete a 3 pin formation.
H4
The four-hour TF has been producing steady lower highs and lower lows which are in alignment with the daily and weekly perspective. We have also rejected the 61.8% level with a tweezer top and 3 pin formation. These are confluent with our CTL break and MAs close to crossover to the downside. A clear bearish engulfing today pushing us further down.
Comment:
SL moved to beyond BE.
Trade closed: target reached