Hi All,
I mentioned last week that the big boys are hunting the recent lows and buying in with the objective to head back to swing highs. Friday we saw exactly this. This is not a buy and hold market. Key is timing of entry, getting the direction right (of course) and exiting at the right zones. This is not a trade off indicators type of market in my opinion. They are too delayed and in fact expose you to more risk. At the time of writing we are trading at 1924. It is 08:12 ( GMT ). We saw weekly open do a spike and pull back - typical liquidity grab (and of course lower liquidity in the markets during Asia sessions). Price action is not clear at this moment - we could easily see a dip back to 1917 to take out this weeks low and begin our accent upwards. However, I would keep an eye on the 1810 level. there is a pocket of liquidity there which may be lucrative for the big boys. We saw on Friday how quickly the market can drop and then then get a bid back up! Daily Support 1 is sitting around 1910 level. The lower trendline of the upwards channel (hourly TF) also sits there and there are plenty of orders sitting there too. Above we have Daily pivot sitting at 1928. If they want to move up first - then that is the first target. But, they will likely extend a few dollars and target 1930 to 1933 as there is liquidity there too. TVC:GOLD
The bigger picture: mid 1960's is a target for me this week. I think we could easily see this in the next few days. But that is just my opinion and based on what I see on my screens.
Good luck all.
Remember to book profits regularly -those green numbers next to our open trades mean nothing and can vanish in a blink - especially with Gold .
I mentioned last week that the big boys are hunting the recent lows and buying in with the objective to head back to swing highs. Friday we saw exactly this. This is not a buy and hold market. Key is timing of entry, getting the direction right (of course) and exiting at the right zones. This is not a trade off indicators type of market in my opinion. They are too delayed and in fact expose you to more risk. At the time of writing we are trading at 1924. It is 08:12 ( GMT ). We saw weekly open do a spike and pull back - typical liquidity grab (and of course lower liquidity in the markets during Asia sessions). Price action is not clear at this moment - we could easily see a dip back to 1917 to take out this weeks low and begin our accent upwards. However, I would keep an eye on the 1810 level. there is a pocket of liquidity there which may be lucrative for the big boys. We saw on Friday how quickly the market can drop and then then get a bid back up! Daily Support 1 is sitting around 1910 level. The lower trendline of the upwards channel (hourly TF) also sits there and there are plenty of orders sitting there too. Above we have Daily pivot sitting at 1928. If they want to move up first - then that is the first target. But, they will likely extend a few dollars and target 1930 to 1933 as there is liquidity there too. TVC:GOLD
The bigger picture: mid 1960's is a target for me this week. I think we could easily see this in the next few days. But that is just my opinion and based on what I see on my screens.
Good luck all.
Remember to book profits regularly -those green numbers next to our open trades mean nothing and can vanish in a blink - especially with Gold .