Bull wedge + rising momentum.
Might b time for a long play soon.
Look for for when the higher timeframe starts getting affected by the increasing momo in the lower tf.
Play off hight tf support to minimize risk.
Seeing some decent distribution here, the breaks on this move up have been applied. There's signs of weakening momentum up to monthly...
That said just cause the breaks have been applied doesn't mean we're about to stop just yet. Might keep on grinding for a bit more. Likely more room on the downside than the the upside tho.
Will be on the lookout for short...
Downwards momentum weakening. Still fairly bearish in 4h and above.
Price close to Vwap plotted from the beginning of the year, expecting some kind of reaction here.
A bit too early for me to say what kind of reaction though. Some sideways movement and and accumulation for now isn't unlikely. I'm gonna see what happens on monday first, but I think I'll start...
Sideways movement after price advances = distribution
So, taking a short position in upper range of the consolidation (marked gray) wouldn't be too shitty imo.
A move upwards towards towards 430/470-ish first also possible. I think down is more likely in the near future though.
Also, most of my trading is...
First trade up = success.
Now at the beginning of the previous leg down. Expecting some consolidation here. A little early to say, but there's prob a little more upside room. Gonna have to see what happens to the momentum though.
Check weekly and you'll see we bounced of a pretty big level.
Looks like short-term is building bullish momentum, while the higher timeframes don't look as positive.
The slightly tricky part is figure if this short-term bullish momentum is the start of a trendchange or if it is being absorbed by the long-term move( and we're gonna get another leg down). At the moment I still think there's room for a bit of upwards movement.
Price has been consolidating, and by the looks of it it's accumulating. So a move up towards 47-ish (to begin with) is not impossible. Risk: Could be that the pop we had today(or night depending on where you live I guess) was it tho.
Short term seems to be building bullish momentum. Potential for a short a term long play here. Could be that it's a bit early, judging by the long term outlook. But the potential is there. 101.450/500 could be prob be used for a more conservative target.
Gold's move upward seems to be losing momentum in more than just one timeframe. Theres potential for a short to support. Or it'll just break up and continue a bit more. But I think down is more likely.