a daily price action after hour update - gold
Good evening and i hope you are well.
bull case: Bulls stalled the market around 2040 which is important now. Bears made lower lows and broke below the triangle. Bulls need to trade back above 2040 and they want a retest of the smaller bear trend line around 2046 and then make a higher high above 2050. 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. As long as they keep it above 2034, the market is neutral.
bear case: Bears broke below the triangle and are trading inside a weak looking bear channel. Their next target is to trade below 2034 and make lower lows. They want the market to stay below 2044.
short term: neutral with maybe a slightly higher chance for the bears but need 1h close below 2034 for that.
medium-long term: neutral until breakout of bigger triangle with follow through
trade of the day: short 2050 which is holding as resistance. there was a good triple top bar 4, 8, 11
bull case: Bulls stalled the market around 2040 which is important now. Bears made lower lows and broke below the triangle. Bulls need to trade back above 2040 and they want a retest of the smaller bear trend line around 2046 and then make a higher high above 2050. 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. As long as they keep it above 2034, the market is neutral.
bear case: Bears broke below the triangle and are trading inside a weak looking bear channel. Their next target is to trade below 2034 and make lower lows. They want the market to stay below 2044.
short term: neutral with maybe a slightly higher chance for the bears but need 1h close below 2034 for that.
medium-long term: neutral until breakout of bigger triangle with follow through
trade of the day: short 2050 which is holding as resistance. there was a good triple top bar 4, 8, 11