After pullback from 1900's. Gold will fall again!
After we got trapped at the neckline off the head and shoulder pattern. Gold managed to climb further to 1930 Resistance area. GAve a good rejection. Currently gold is floating around that resistance area. In my opinion 1930 level will get broken today. It has already tested 5 times in the higer time frame. Mostlikely break will follow. The next interest point will be the 1935-1938 restisance/supply zone. This will be the zone were i will look for shorts intraday and also longterm back to 1900 and below.
In the bigger picture gold is still bearish. If it breaks above 1940 area there is a posibility that gold will resume bullish
In the bigger picture gold is still bearish. If it breaks above 1940 area there is a posibility that gold will resume bullish
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Gold market is moving slowly at the moment..
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Not much movement guys. Still foating around resistance area.
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So as predicted. 1930 level gave a small rejection and then bulls came back and rising higher to 1933 level. Quick overview. The supply zone 1935-1938 will have a lot of sell orders waiting. I think gold will reject or reverse at this supply zone. My trading style is priceaction only but i use 1 indicator for pullbacks or reversals.
I am using AO(Awesome oscilator) wich measure momentum in the market. AO tend to create divergen when market momentum is decreasing. So in our case the chart is making higher high but AO makeing lower low. This means a posible pullback or reversal is coming. This is our first confirmation. Normally i wait for price action to give us a second confirmation. Something like reversal pattern. But in this case whe have a solid fresh supply zone above. Then i am more confident of selling in this zone
So the fact that AO is forming divergen and our sell zone is approacing gives me confident the market will fall eventually. Now the hardest part off trading is waiting in patience and hopefully it wont miss our entree. If it does, then so be it. Dont enter FOMO(Fear of missing out)
I am using AO(Awesome oscilator) wich measure momentum in the market. AO tend to create divergen when market momentum is decreasing. So in our case the chart is making higher high but AO makeing lower low. This means a posible pullback or reversal is coming. This is our first confirmation. Normally i wait for price action to give us a second confirmation. Something like reversal pattern. But in this case whe have a solid fresh supply zone above. Then i am more confident of selling in this zone
So the fact that AO is forming divergen and our sell zone is approacing gives me confident the market will fall eventually. Now the hardest part off trading is waiting in patience and hopefully it wont miss our entree. If it does, then so be it. Dont enter FOMO(Fear of missing out)
