a daily price action after hour update - gold
Good evening and i hope you are well.
Today most markets ranged as expected and bears could not make bulls doubt higher prices. Nasdaq was the weakest, while the dow printed new all time highs. The earnings reported after hours seem that they won’t help the bears much either. Sure, nasdaq sold off today but it’s still making higher lows and i don’t expect bears to be able to trade it below 17400 for now.
gold
Quote from weekly update:
short term: sideways to up for touch of the upper triangle line around 2040, which continues to be heavy resistance
Bulls took over since Friday and printed multiple higher highs and higher lows, yet bears sold every high aggressively. But bears need to do more to stop bulls from making higher highs.
bull case: Bulls touched 2067 today which was 5 points below 2023 close. Bulls target remains the same, retest of 2023-12 high at 2152. They managed to close above the daily 20ema but the bar is not bullish due to the big tail above. Hard to make a bull case here. Daily close above 2060 would change that.
bear case: Bears managed to make today’s bar look weak with a big tail above. They want to break the bull channel and trade below 2040 again. That would bring them below all of my important 20ema time frames and at some point the bulls will give up on trying to get back above 2100. The 2152 high is so far away and they tried so many times now that with every day i think the odds turn more to the bear side.
short term: sideways but in a big range, probably 2040 - 2070
medium-long term: bearish odds raised imo and i want to see a daily close below 2040 first. Below 2000 turns this into always in short (full bear mode)
trade of the day: keep selling new highs but buy 1h 20ema
Today most markets ranged as expected and bears could not make bulls doubt higher prices. Nasdaq was the weakest, while the dow printed new all time highs. The earnings reported after hours seem that they won’t help the bears much either. Sure, nasdaq sold off today but it’s still making higher lows and i don’t expect bears to be able to trade it below 17400 for now.
gold
Quote from weekly update:
short term: sideways to up for touch of the upper triangle line around 2040, which continues to be heavy resistance
Bulls took over since Friday and printed multiple higher highs and higher lows, yet bears sold every high aggressively. But bears need to do more to stop bulls from making higher highs.
bull case: Bulls touched 2067 today which was 5 points below 2023 close. Bulls target remains the same, retest of 2023-12 high at 2152. They managed to close above the daily 20ema but the bar is not bullish due to the big tail above. Hard to make a bull case here. Daily close above 2060 would change that.
bear case: Bears managed to make today’s bar look weak with a big tail above. They want to break the bull channel and trade below 2040 again. That would bring them below all of my important 20ema time frames and at some point the bulls will give up on trying to get back above 2100. The 2152 high is so far away and they tried so many times now that with every day i think the odds turn more to the bear side.
short term: sideways but in a big range, probably 2040 - 2070
medium-long term: bearish odds raised imo and i want to see a daily close below 2040 first. Below 2000 turns this into always in short (full bear mode)
trade of the day: keep selling new highs but buy 1h 20ema