Precious Metals have softened recently after continued liquidation, stop-loss selling, and de-grossing pushed Gold futures down to a value zone of $2300/oz on the June futures contract. Since then, bargain hunters have stepped in, driving futures $30 off their lows.
The potential for a strong recovery in gold is on the horizon, especially if miners strengthen and...
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...
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...
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 marked at 4:55 PM IST .. considering Electronic trading price, regular trading hours are from 7:00 PM IST
if Sustain above 2328.1 then 2343.6 to 2348.8 or 2357.0 to 2365.2 above this bullish then wait
if Sustain Below 2314.5 or 2307.1 then 2302.1 to 2297.0 then 2291.2 to 2283.1 or 2274.9 below this bearish then 2256.9 to 2255.5 or 2251.7 to 2250.3 last...
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.
Bias is tentatively Bullish.
Continues to make HLs, but
no HHs, in a tight range. Price
is close to filling in the big
wick the prev. week.
Looking to see if the PWH
is raided early in the week.
If so, I expect price to go
from External ->Internal, down
the the W FVG/+OB area from
there.
But price may need to rebalance
the +FVG before moving higher.
Waiting...
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...
Don't think #GOLD is done by any means.
HOWEVER.......
Sold some positions around the date of bearish engulfing. As of today the precious metal is still @ that price level. We missed a lil more upside but it wasn't much oi the whole scheme of things.
#SILVER shows same exact signs except the Bearish Engulfing.
AMEX:GLD AMEX:SLV
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...
if Sustain above 2398 then 2408 then 2412 then 2424 then 2435 to 2435 strong level then 2445 to 2447 above this more bullish then 2472 then 2482
if Sustain Below 2389 then 2378 below this bearish then 2370 to 2366 or 2361 then 2354 then 2343 below this more bearish
Consider some buffer points in above levels.
Please do your due diligence before trading or...
