Will we test ATH again. Or bull trap?
Last week friday ended either in disaster or very profitable market for traders. After the break off the bearish channel and retest gold went up 400+ pips in a short time leaving multiple resistance levels in dust. Especially the 2060 level were most retail traders expected a downfall(including me) got wrecked. It was because off fundamentals, but in my opinion big players joined the market also to grab liquidity.
For upcoming weeks we have some good oppertunities:
Bullish scenario:
2085-2088 is last major resistance. Got tested 1 time before in higher timeframe. We can still expect a proper rejection on this level. We need to focus on posible sell off the market here and wait for the fall towards 2070, the bigger support level 2060 or last posibilty is back to the support trendline. From these levels we can expect a bullrun again. If the last resistance 2088 break with confirmation it will grow rapidly towards psycological resistance 2100 and then back to last ATH 2150!! Because there is less structures above 2088 we can expect quit some moves. Especially if it breaks ATH then gold will posible grow towards 2300!
BUT....
Bearish Scenario:
Keep in mind that the marketmaker moved the market up from 2055 rapidly to wipe
early sellers. 2088-2090 is major resistance It is posible that the market will
collapse from 2088 and eventually also breaks below 2060 were most buyers will wait to go long
Early sellers already got wiped out. So maybe the marketmaker will try to wipe buyers also.
We need to follow priceaction. Were we get confirmation we will take the trade.
Resistance: 2088, 2100, 2150
Support: 2070, 2060
For upcoming weeks we have some good oppertunities:
Bullish scenario:
2085-2088 is last major resistance. Got tested 1 time before in higher timeframe. We can still expect a proper rejection on this level. We need to focus on posible sell off the market here and wait for the fall towards 2070, the bigger support level 2060 or last posibilty is back to the support trendline. From these levels we can expect a bullrun again. If the last resistance 2088 break with confirmation it will grow rapidly towards psycological resistance 2100 and then back to last ATH 2150!! Because there is less structures above 2088 we can expect quit some moves. Especially if it breaks ATH then gold will posible grow towards 2300!
BUT....
Bearish Scenario:
Keep in mind that the marketmaker moved the market up from 2055 rapidly to wipe
early sellers. 2088-2090 is major resistance It is posible that the market will
collapse from 2088 and eventually also breaks below 2060 were most buyers will wait to go long
Early sellers already got wiped out. So maybe the marketmaker will try to wipe buyers also.
We need to follow priceaction. Were we get confirmation we will take the trade.
Resistance: 2088, 2100, 2150
Support: 2070, 2060
Comment:
Daily perspective:
Comment:
Not looking good for sellers. Looks like confirmed break.
Focus on buyin 2092-2088
Focus on buyin 2092-2088
Comment:
BOEMMMM. COngrats if you followed. Crazy move.
Comment:
Congrats to all buyers.
Update chart. Resistance H1 located at 2018-2021. We can expect a rejection here back to either 2100 or 2090. Were posible the bullrun toward 2150 last ATH will take orders.
Update chart. Resistance H1 located at 2018-2021. We can expect a rejection here back to either 2100 or 2090. Were posible the bullrun toward 2150 last ATH will take orders.
Comment:
Only 2 days in the market and were killing it. Congrats.
Comment:
Trades were all profitable. ATH retest 2150 came.
