🔸Hello guys, today let's review daily hour price chart for gold. Trading in well-defined range since July 2020, we recently got rejected near 2 000 USD, right now drifting lower on auto-pilot.
🔸Range lows defined at 1740 usd, range highs set at 1980 usd, resistances overhead at 2 000 usd and key support below bear 1700 USD. Short-term / mid-term outlook: bears maintain control and will target re-tests of 1740 USD. upside is limited after strong/heavy rejection overhead near 2 000 USD.
🔸Pattern is likely accumulation in progress and still not complete. Coming off strong prior uptrend, so expect this accumulation to last 9-12 months before we get a re-test of range lows, which is a generational buying opportunity for gold traders. Most likely the bottom in gold market will coincide with the next presidential elections in USA. So no bottom in sight until October 2024.
🔸Recommended strategy position traders: bears maintain control until re-tests of 1740 so therefore I recommend to short sell rips/rallies targeting 1740 USD with SL over recent highs near 2000 USD. bulls should wait to buy low later near 1740 USD, however right now there is no valid setup for bulls (position traders). Recommend to focus on buying low and selling high since we are trading in well-defined range. good luck traders!
🎁Please hit the like button and 🎁Leave a comment to support our team!
RISK DISCLAIMER: Trading Futures , Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Always limit your leverage and use tight stop loss.
Comment
⋅
tagged as SHORT because I expect further losses / re-test of range lows before reversal in this market. Overall bullish, but bulls should wait for a better entry price later. any questions/comments - feel free to leave them in the comments section below. good luck!