My outlook for gold this week leans bearish, and I'm on the lookout for nearby shorting opportunities to drive the price towards the daily demand zone. Presently, I'm eyeing a clear 5-hour supply zone as a potential selling point. I'll be patient, waiting for a Wyckoff distribution pattern to unfold within this area before considering entry for my sell...
Another bearish week, another closure below a key level on the weekly.
The close below 1917.318 is key because this was a previous level of support when looking back over the past 3 years. With this in mind, when we have seen the weekly candle close below this level there is a high probability of price driving down to 1873, with some resistance at the 1900 level...
The trade setup I posted in my last update (link below the post) on gold has already produced a 3% move. If anyone took it, I'd move the stop loss to your entry and secure the trade by taking initial tp. If you haven't entered the I'd wait for a retrace above 2040 and then enter.
I have added a parallel channel and Anti BAT harmonic to my chart. Both are bearish...
So here is my 2nd analysis using a separate set of 2 main tools and a 3rd which is sometimes switched out with any indicator I might come across and feel the urge to give it a try but otherwise its mainly EngulfingCandle and Fluid Trades - SMC
Anyone else use these indicators and if you have/are, what settings and assets do you find works best for you?
Same as my previous post a few moments ago, zoomed in to the M15 timeframe
Alot of exhaustion forming at the top of the area where my entry is
Let's see what happens :)
It will move up to this level and drop down to the 1700's. Ready for bulls to take charge.
Make sure you don't miss this move its going to be insane !!
Good Luck
