GOLD after our last profit reached the expected support at the 1685 level. The market is now over a weekly support near to the trendline of the ascending channel. Moreover, the weekly support is exactly at the 0.618 Fibonacci level. We can expect for next week 2 possible scenarios. IF the market will break below we will set a nice short order. IF more likely the price will invert the bearish trend we will be ready to check for a nice long order according to Plancton's strategy.
--–– Follow the Shrimp 🦐
Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
Good analysis. My bank got some structured products of gold that drove me crazy! Because I have to choose which side it will go and by how much! I don't want to pick now!
InkyGrip
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@JICPT, is better to wait the market move mat, appreciate your feedback thanks ✌️😁
larryking84
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But I will be honest man its like markets are dipping lower I wouldn't be suprised if it breaks that support trednline again. What do you think its touching git for the 4th time. Remember its knocking for the 4th time it may just break it.
InkyGrip
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@larryking84, i agree with your vision mate, we have just to wait patiently for the break of the bounce, open up a position now might be risky 👍
anand1988
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@larryking84, Cftc positions of hedge funds, they are closing huge long positions. Last 3 4 weeks it was 251k>235k>215k and now new report received late last night is 190k. 100% it should break the support with big impulse is what i can say looking and comparing weekly candles with hedge positioning
@anand1988, thanks for sharing mate, very useful info! Appreciate it 🦐
vk030172
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If we get another stock market crash like last March I can see gold going below 1600 easily. If the 10 year skyrockets gold will also go down, but I see this as unlikely since the government can still manipulate this. Stock market is something the government has a hard time controlling so this scenario is very plausible and I think very likely. Just dont know when this will happen.