📌 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 👍 or 👎
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 👍 or 👎
