ridethepig

ridethepig | Gold for ECB

Long
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
πŸ“Œ ridethepig | Gold for ECB

This leg is a demonstration of how and where an advance on the right break should be punished.

Buyers reclaiming $1.860 yesterday while the inauguration/coachella took place and now $1,875 for the European open is sending last minute ⚠️ signal of ECB preparations. The technical breach illustrates the lust to expand, the momentum has been bottled up for a while.


The swing chain demands a test of $2,015, play with the break because we are now into a very usable ECB territory. Global inflation is starting to show signs of creeping higher (see the explanation) so expecting Lagarde to be slightly bullish on inflation , neutral on growth, no changes in rates and the usual bs 'watching the currency closely'.

All in all the valid plan here is for Gold higher via inflation . Buyers are already trying the attack, it is quick to set in motion an impulse and buyers have formed a very strong defence at $1,803. Therefore remain long and play the continuation.

Thanks as usual for keeping the feedback coming πŸ‘ or πŸ‘Ž

Comments

What many people don’t see... great analysis πŸ’₯ check out our weekly analysis which also aligns with your zones
+1 Reply
@FlyDownX, liar...
+1 Reply
nice chart and this is my idea
+1 Reply
Close?
+1 Reply
ridethepig LukasEidukas
+1 Reply
LukasEidukas LukasEidukas
drop bellow break
+1 Reply
Ymir1 LukasEidukas
@LukasEidukas The support still holds
+1 Reply
@Ymir1, exactly!!
Reply
hensemselalu LukasEidukas
@LukasEidukas, πŸ˜‚πŸ˜‚πŸ˜„πŸ€”πŸ˜‘ gold is too weak right now
its always making false break
Reply
You think after ECB there is no corrections?
+1 Reply
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