Gold Analysis for August 22, 2023 - Mixed Signals from 1d and 4h
Whiile the price currently resides within the 1-day sell re-entry zone, which is an optimal area for establishing short entries, noteworthy signals emerge on the 4-hour timeframe in alignment with the BBMA strategy.
Firstly, we have the CSAK Buy formation on August 21, and secondly, today's CSM Buy candle on August 22. To gain a more comprehensive perspective, it's prudent to await the upcoming news on home sales and its potential impact on these signals.
Historically, when the price interacts with re-entry zones from higher timeframes like the 1-day chart, the 4-hour timeframe often responds by manifesting certain patterns. These patterns include price surges followed by swift rejections, leading the Moving Average (MA) to move beyond the Bollinger Bands (BB), or the price retracing the area multiple times without surpassing the BB. This results in the formation of a Momentum High Violation (MHV), indicative of waning momentum and a diminished capacity for momentum candles.
Considering these dynamics, my current outlook tends towards neutrality. While I may personally opt to experiment with some buy positions, I exercise caution in sharing these speculative endeavors, as they carry inherent risks. My preference is to provide you with clear signals that I'm confident in and which adhere closely to my strategic approach.
Firstly, we have the CSAK Buy formation on August 21, and secondly, today's CSM Buy candle on August 22. To gain a more comprehensive perspective, it's prudent to await the upcoming news on home sales and its potential impact on these signals.
Historically, when the price interacts with re-entry zones from higher timeframes like the 1-day chart, the 4-hour timeframe often responds by manifesting certain patterns. These patterns include price surges followed by swift rejections, leading the Moving Average (MA) to move beyond the Bollinger Bands (BB), or the price retracing the area multiple times without surpassing the BB. This results in the formation of a Momentum High Violation (MHV), indicative of waning momentum and a diminished capacity for momentum candles.
Considering these dynamics, my current outlook tends towards neutrality. While I may personally opt to experiment with some buy positions, I exercise caution in sharing these speculative endeavors, as they carry inherent risks. My preference is to provide you with clear signals that I'm confident in and which adhere closely to my strategic approach.