So new months is going to start in a couple of hours from now, what will happen this month?
So in the video i briefly explain a couple of key areas that need to be observed and can become a key area for the rest of the month starting from monthly timeframe to H1 timeframe.
Monthly
Roughly speaking, the movement that happened last week i consider as a retracement up for reentry sell daily timeframe. For me its not the time to swing buy yet, not until the reentry weekly with the monthly candle crossed the MA50, we can expect easier path for the monthly candle to close bearish this october, with a little High shadow above the MA50. There will be attempt to cross the MA50 again but taking into consideration the fundamental input that happen right now, it is hard for monthly candle to close above MA50. Next key area for monthly timeframe is 1590-1575, 1520-1463 (expect around late 2022/ early 2023)
1774-1758.
Weekly.
The candle before this broke away from 1675-1707 area, with a bearish momentum, and made a bullish weekly candle from base area 1627-1617, we can expect another retest of this area. Another key area to watch for is 1713-1729 where this zone is fresh from retest yet so we can expect a bounce from this area if price ever reach the zone. If 27-17 ever broke, we can expect to wait for the price at 1529-1498 area to observe.
Daily
Last Friday showed us that the buyer is weaking but whether this will continue and gives way for sellers into the market, no one can tell. But the key area to watch for this timeframe is 1638-1620 where this is a fresh new set up and havent tested yet. we can expect if the price pullback to this area, there will be bounce but will it break this zone? This will need some efforts. Things can be quite dangerous for seller if the price cross 73-64 and close the daily candle above that area and can continue flying. So watch out. My expectation, monday will show a little up for the High shadow but will close bearish but hey, its monday and first day of the month, things can go south. So watch out. The last line of defense for the gold from flying is 1713-1735 area. This is seller last hope for this timeframe.
H4
H4 is testing 1660 again, we will see this action early this morning when the market open. If break 1660, it is possible for the price to go for the next line 1649-1644. But if 1660 prove to be sturdy, the price might bounce up (1664, 1663, 1673 are the key prices that need to be observe) a little bit before testing 1660 again and continue going down. If 49-44 broke, we can expect another retest on 1620-1623 area this month and continue downwards.
This is not a financial advice, and merely my idea on gold for this month. Again, im still with my notion that, its only a retracement up to continue the bearish run.
Please leave a comment of your opinion, i will update from time to time.
Regards.
K
So in the video i briefly explain a couple of key areas that need to be observed and can become a key area for the rest of the month starting from monthly timeframe to H1 timeframe.
Monthly
Roughly speaking, the movement that happened last week i consider as a retracement up for reentry sell daily timeframe. For me its not the time to swing buy yet, not until the reentry weekly with the monthly candle crossed the MA50, we can expect easier path for the monthly candle to close bearish this october, with a little High shadow above the MA50. There will be attempt to cross the MA50 again but taking into consideration the fundamental input that happen right now, it is hard for monthly candle to close above MA50. Next key area for monthly timeframe is 1590-1575, 1520-1463 (expect around late 2022/ early 2023)
1774-1758.
Weekly.
The candle before this broke away from 1675-1707 area, with a bearish momentum, and made a bullish weekly candle from base area 1627-1617, we can expect another retest of this area. Another key area to watch for is 1713-1729 where this zone is fresh from retest yet so we can expect a bounce from this area if price ever reach the zone. If 27-17 ever broke, we can expect to wait for the price at 1529-1498 area to observe.
Daily
Last Friday showed us that the buyer is weaking but whether this will continue and gives way for sellers into the market, no one can tell. But the key area to watch for this timeframe is 1638-1620 where this is a fresh new set up and havent tested yet. we can expect if the price pullback to this area, there will be bounce but will it break this zone? This will need some efforts. Things can be quite dangerous for seller if the price cross 73-64 and close the daily candle above that area and can continue flying. So watch out. My expectation, monday will show a little up for the High shadow but will close bearish but hey, its monday and first day of the month, things can go south. So watch out. The last line of defense for the gold from flying is 1713-1735 area. This is seller last hope for this timeframe.
H4
H4 is testing 1660 again, we will see this action early this morning when the market open. If break 1660, it is possible for the price to go for the next line 1649-1644. But if 1660 prove to be sturdy, the price might bounce up (1664, 1663, 1673 are the key prices that need to be observe) a little bit before testing 1660 again and continue going down. If 49-44 broke, we can expect another retest on 1620-1623 area this month and continue downwards.
This is not a financial advice, and merely my idea on gold for this month. Again, im still with my notion that, its only a retracement up to continue the bearish run.
Please leave a comment of your opinion, i will update from time to time.
Regards.
K
