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*Insert fundamentals and other useless info everyone else puts out to justify their analysis but at the end of the day we all come back to chart work. Trump tweet, China, Riots in USA, Saudi budget cut Tax Raise, OPEC, Brexit blah blah blah"
This sell off we see in gold is the counter flow pressure we usually see in the beginning of the week. Reason for being mid week due to memorial bank holiday so necessary orders have been pushed further down this week creating support for the monthly end. June 1st is a monday following week where we can expect to see gold break higher till August
The thicker purple line is the zone where we are currently trading in-between. Notice where i've taken my trends are usually where the bear impulses have started on the previous rising bull trend. From this data we can conclude these are key trends zones price is behaving inside and can see a range form. Most likely we see a tap into 1596 to complete our XABCD...
first target 1555.777
observe the lines those are the first bear impulses in the bull rally. Now that price is performing beneath those lines the next probable zone for price to hit is 1555.777
The orange line represents the initial bull rally starting in mid december for gold. Now coming to an end of a financial quarter we can see XAU leading into bear territory for the next financial cycle. Notice how we jus tap into the trend line and start selling off. this leads me to believe the next zone XAU is gonna tap is the purple line which represents the...
Please watch the entire video for a full breakdown as to why price is behaving this way & where it will go next.
Price is looking to grab liquidity at 1469 which is exactly where the first bearish channel descends creating a heavy resistance level there. Once those orders have beengrabbed expect price to see a downwave at least into the 1440 Range. Upon mulitiple...