So, this support zone was invalidated. The bears were way to strong and smashed through this support area. Stop loss got hit.
What we see though is very interesting. There was one support zone below that was more of a bottom anyway. The S/R flip is generally not as strong as an ultimate bottom, which we see here.
Now that the ultimate bottom showed support, and bulls broke through the S/R flip area again, we could see a bullish retest of the support zone. If it doesnt go below, we can do a second attempt at this trade set-up.
Comment
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Wow. What's happening in Minnesota is pretty big right now.
As a natural consequence we are seeing the prices of gold rising, something that happens in times of uncertainty.
Here's my new idea around what I expect will happen now:
Thanks ! Can you post a longer term (daily / weekly) analysis plz ?
Trading-Guru
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@hyipster, Hi Hyipster, I am more of a technical analyst than a fundamental trader. So I prefer the shorter set-ups, but I will try my best soon on a longer one for Gold! It will be mostly based on technicals though.
jonredant
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watching this closely is this area weak support than imagined?
Trading-Guru
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@jonredant, Much weaker :(, unfortunately. I just updated the idea with some more info!
markgil24
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bi guro nice chart, thanks for this . now this time the gold break the support. what's your next analysis.?
Trading-Guru
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I will be posting more of these regularly, so follow me to find out about great trading opportunities
Trading-Guru
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How would you have charted this? Feel free to post a link to your own idea here as well
Trading-Guru
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I’m curious to hear your thoughts! Let’s make use of the fantastic tradingview community and give each other feedback.