Weekly Analysis - (26 - 30 DEC 2022) - "GOLD"
Although GOLD flew off the cliff, this is of no surprise to season traders. GOLDILOCKS always pulls back upon printing HHs. In this case, we can see that there weren't enough volume to break the weekly KL of 1820 DT. FM called out shorts way before the news prints as usual with both technical confluences and fundamentals in play.
From the technical standpoint, GOLDILOCKS failed to break previous lows (PL) printing and LL before inching back towards the upside. Overall bias for gold should still be bullish as MS is still intact therefore will be looking for buy swings and sell scalps with 1785 KL holding its grounds. It will be ideal for a DB to form at 1785 KL for HRHR buy swings toward 1820 KL. However, safer buys can be taken from the breach of 1798 KL as well.
HRHR buys: 1785 KL
MRMR buys: 1791 KL
Safer buys: 1798 KL
HRHR sells: 1802 KL
MRMR sells: 1795 KL
Safer sells: 1785 KL
From the technical standpoint, GOLDILOCKS failed to break previous lows (PL) printing and LL before inching back towards the upside. Overall bias for gold should still be bullish as MS is still intact therefore will be looking for buy swings and sell scalps with 1785 KL holding its grounds. It will be ideal for a DB to form at 1785 KL for HRHR buy swings toward 1820 KL. However, safer buys can be taken from the breach of 1798 KL as well.
HRHR buys: 1785 KL
MRMR buys: 1791 KL
Safer buys: 1798 KL
HRHR sells: 1802 KL
MRMR sells: 1795 KL
Safer sells: 1785 KL