- Quite a run on gold
- Left a lot of inefficiencies behind
2 potential targets annotated on the chart
Gold can take its sweet time to accumulate shorts
This week will be interesting, potentially choppy
It looks like we have an impulsive count to the downside for a C or 5th wave. I'm looking for the Green 5th wave to extend to the deeper fibonacci target of 278% after a decent 4th wave bounce... but first it needs to complete blue 345 to the downside.
Deeper Targets possible - will update the idea as it progresses.
For your Study only
If Sustain above 2348.8 then 2354.9 to 2357.6 above this bullish movement then 2365 to 2367.7 then 2379.1 to 2381.8 then 2391.3 to 2395.4
If Sustain below 2340.9 then 2333.4 to 2330.7 below this bearish then 2319.5 to 2316.8 then 2302.1 to 2298.1
Consider some buffer points in above levels.
Please do your due diligence before trading or...
COMEX:GC1!
"Never give up! Failure and rejection are only the first step to succeeding." -Jim Valvano
This is perfect play for a high probable trade to go LONG!!!
Check out the Chart Link below where I breakdown the reason being why I think the market will take off LONG...
Remember when it comes to FRM (Financial Risk Management) our Job is to manage the...
4.23.24 This video was mostly about reading the market... looking for the location of buyers and sellers using important patterns and not using tools such as oscillators that are far less accuratedo not provide you with a trade location that increases your chances of the market moving in your direction before it moves significantly lower.
Levels to watch if comes (if does not come to this levels ignore this comment) around 2304.6 to 2297.0 or 2290.4
if Sustain above 2343.2 or 2343.6 then 2343.6 to 2348.8 then 2354.7 above this bullish then 2359.4 then 2366.2 then 2371.1then 2376.4
if Sustain Below 2336.4 then 2328.5 then 2323.2 to 2320.2 below this bearish then 2313.4 then 2304.6 to 2302.1 then...
*Major levels only
if Sustain above 2346.9 then 2360.8 then 2374.6 then 2398.7 to 2401.4 or 2404.1above this more bullish
if Sustain Below 2338 then 2301.5 then 2289.7 to 2287 or 2284.3below this more bearish
Consider some buffer points in above levels.
Please do your due diligence before trading or investment.
**Disclaimer -
I am not a SEBI registered...
if Sustain above 2357.7 or 2359.4 then 2367.5 to 2369 then 2375.6 above this bullish then 2412.5 then 2423.9 then 2432.4 to 2440.5 or 2448.5
if Sustain Below 2339.1 then 2331 then 2323 then 2314.2 to 2302.9 Strong level then 2294.5 or 2286.5 below this more bearish then 2229.6 to 2221.5 then 2213.5 to 2204.5 or 2193.2
Consider some buffer points in above...
the gold market this year has essentially only seen upside. since all time highs theres been a run on available contracts during a contraction that has ended suddenly.
it appears that todays rally has been sustained, and the uptrend in futures has all but resumed according to a credit liquidity crunch and bear dollar environment.
according to tv alerts, forex...
Good Evening and I hope you are well.
Gold
comment: Tough spot to trade imo. Different time frames tell different stories here. Daily had a big reversal and closed above the 20ema. 4h says it’s a small pullback from a potential W1 of a bear trend and on the 1h chart we could argue that market formed a nice double bottom and we trade back to the weekly high...
Gold prices had a very good run in the past few weeks but now the selling pressure is showing up on the chart.
Much more downslide is expected if nearby Support is breached because the next support is far-far away.
If the price reverses and reaches cloud area (the consolidation zone), do not keep any position open.
Gold prices dropped more than 2% to a one-week low on Monday as worries over a wider Middle East conflict subsided, prompting investors to scale back safe-haven trades in favour of riskier assets like equities.
Spot gold was down 2.5% at $2,330.51 per ounce as of 1:52 p.m. ET (1752 GMT), and marked its biggest intra-day fall in more than a year.
U.S. gold...
If Sustain above 2402.2 then 2422.8 then 2431.0 then 2436.8 to 2439.1 or 2442 above this bullish then 2483.4 to 2488.6 and 2496.8 to 2504.9 or 2513.1
if Sustain Below 2385.8 then 2365.2 then 2357 then 2348.8 to 2343.6 below this bearish then 2302.1 to 2297 then 2291.2 to 2283.1 or 2274.9 below this more bearish
Consider some buffer points in above...
