Gold setting up a trap move? $1715 and $1725 are key to watch.
I am a trap move and liquidity trader, I look for them all day every day, so I don't expect this idea to align with the majority BUT Gold still looks a little sketchy to me.
Based upon my rules, those weekly lows will/should get breached, whether it's this week or next week, next year I don't know. But there is liquidity sitting around $1660.
What I like is the fact the weekly is still bearish, and we have a very obvious W pattern forming, this could be potential bait to get people long, and now they would be placing more SL's just below $1680...where all the other weekly liquidity is currently at. The banks could be setting people up.
Gold could very well just smash $1725 and make a beautiful run, but based on my rules, I am thinking twice about long right now, another bullish day then I'd probably switch to long bias.
But right now we just cleared two prior daily highs at the NY open, plus the stimulus news confirmation should be coming out today.
If the price remains under $1725 and then closes below $1715...we are most likely going to get a steep drop hunt.
Just simply observing XAU right now.
Let's Elevate,
Gio
Based upon my rules, those weekly lows will/should get breached, whether it's this week or next week, next year I don't know. But there is liquidity sitting around $1660.
What I like is the fact the weekly is still bearish, and we have a very obvious W pattern forming, this could be potential bait to get people long, and now they would be placing more SL's just below $1680...where all the other weekly liquidity is currently at. The banks could be setting people up.
Gold could very well just smash $1725 and make a beautiful run, but based on my rules, I am thinking twice about long right now, another bullish day then I'd probably switch to long bias.
But right now we just cleared two prior daily highs at the NY open, plus the stimulus news confirmation should be coming out today.
If the price remains under $1725 and then closes below $1715...we are most likely going to get a steep drop hunt.
Just simply observing XAU right now.
Let's Elevate,
Gio