a daily price action after hour update - gold
Good evening and i hope you are well.
Interesting day today. Very strong move by the bulls above many bear trend lines. The first move to 2046 happened exactly in the Globex session as i said but the spike to 2058 was so big, that all bears had to give up. I expect follow through.
Quote from yesterday:
At 2046ish are 3 magnets: upper bear trend line, 1h 20ema and the bull trend line from the triangle, very high probability market will go there for a retest.
bull case: Bulls want follow through and i got a measured move target around 2080-2090. If this was a w1, it could lead up to 2100+ again. If bulls can keep the giant bull gap open, i’d enter on a stop 2060 for 2080 and higher.
bear case: Bears gave up on the spike bar and will be cautious before shorting again, especially not the bull flag we formed into the close. If they could close the gap to 2046, this might reverse completely but for now bulls are in control.
short term: neutral until we break 2060, then it’s up, below 2046 is more down
medium-long term: sideways
trade of the day: long double bottom one tick above bar 8, which could have given you the complete spike up. Monday and Wednesday could not break 2030 and it was an obvious buy area
Interesting day today. Very strong move by the bulls above many bear trend lines. The first move to 2046 happened exactly in the Globex session as i said but the spike to 2058 was so big, that all bears had to give up. I expect follow through.
Quote from yesterday:
At 2046ish are 3 magnets: upper bear trend line, 1h 20ema and the bull trend line from the triangle, very high probability market will go there for a retest.
bull case: Bulls want follow through and i got a measured move target around 2080-2090. If this was a w1, it could lead up to 2100+ again. If bulls can keep the giant bull gap open, i’d enter on a stop 2060 for 2080 and higher.
bear case: Bears gave up on the spike bar and will be cautious before shorting again, especially not the bull flag we formed into the close. If they could close the gap to 2046, this might reverse completely but for now bulls are in control.
short term: neutral until we break 2060, then it’s up, below 2046 is more down
medium-long term: sideways
trade of the day: long double bottom one tick above bar 8, which could have given you the complete spike up. Monday and Wednesday could not break 2030 and it was an obvious buy area