On the slower timeframes, the market is approaching a critical resistance level where it has reversed before, and which has held for the last three(3) years. The final push to this level is more likely to happen when the FED announce the Dollar interest rates early next month on Wednesday May 3, 2023. Candlesticks and candlestick patterns showing rejection on the 4HR TF will be a strong sell signal.
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Gold is slowly edging towards the 2075 sell zone. This does not mean you buy to 2075, buying is risky and stop loss would be huge. Be patient and wait for the price to tag the sell zone.
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New highs were tagged last week. Gold should at least tag 2075 before the price can become attractive for sellers. I read somewhere that JP Morgan is heavily short on GOLD, and should the price of GOLD go up by another $1000, the Giant bank may go underwater. How about that! Imagine the biggest bank in USA blowing its accounts!
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Weekly resistance was tagged and rejected. Bearish trend being established. Join on pullback. Stop loss above weekly resistance @ 2075 (High risk, High reward)
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1000 PIPS!
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Bears gaining momentum!
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Expecting further drop on GOLD after the FOMC maintain the Dollar rates at 5.25% later today.
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GOLD BLEEDING!
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New lows were tagged yesterday. The trend continues!
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The close of the monthly candle will confirm the dominant trend. Watch the close of the monthly candle the coming week.
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Gold is currently trading at 1910 ! , Very nice drop from the top !
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Admin @https://www.tradingview.com/u/TradingView/ , this chart is somehow stuck on 1957 yet GOLD is trading way below that. That's more than a 1500 PIP trade. It should actually be the trade of the year or on the editor's picks !
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2000 PIPS LATER !
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1810 is the new lows on GOLD !
Thedeveloper