Alright folks, we are here again at all time high!
Considering the recent bull run to retrace the price levels back to all time high we are at a historic point again where gold must decide whether it wants to give bears an opportunity to enter or let the bulls have a wave extension to 2133.
Whatever the case is, it is kinda risky to buy here because as the history stands witness, we have seen gold price protected in the 2070s range multiple times for the last 4 years. Therefore, I am a bit shaky about buying this level and you cannot blame me I have my reasons which are as follow:
1- ALL TIME HIGH! yes you heard me emphasizing at it. This current price range is something that some big fish cares about. Even during COVID and the subsequent turmoil in the market, we have seen it enough times how someone always manages to push gold back down from here.
2- Aside being the ATH, the current price zone is also the final supply level based on the historic data.
3- Aside from the fibs, I have no evidence that gold will ever make it to the 2133 level
Hence, neither am I buying here nor I would recommend anyone to buy here as well. But I am also reluctant to sell currently. The reasons are as follow:
1- There is nothing on big time frames (Daily and above) that so far suggests that we could enter a sell, however, the last H4 of the Friday closed a doji, which may suggest that a profit taking is in action but we cannot make trade decisions based on that alone therefore, we must wait for a proper rejection on daily timeframe at least, don't worry about the lost pips in the process you will inshallah make many more after confirmation.
2- We are trading inside a rising wedge, to adequately mark a reversal we must break lower than that rising wedge as demonstrated on the chart. That is a structural break I would be delighted to sell with. Unless we break lower than the wedge we will possibly trade inside it even if we get a daily rejection as mentioned earlier.
3- Strong bullish momentum on weekly and monthly
4- Post rejection scenario - I think even if we do not break lower than the wedge 2000-2010 is super doable since it is a previously broken supply area which is not the floor for the gold. So it does make sense to retest it, no?
Have patience guys the sell is probably very close just need to wait for it! Happy trading and ensure proper risk management, small losses are better than getting ensnared in an opposite swing. Best of luck!
Considering the recent bull run to retrace the price levels back to all time high we are at a historic point again where gold must decide whether it wants to give bears an opportunity to enter or let the bulls have a wave extension to 2133.
Whatever the case is, it is kinda risky to buy here because as the history stands witness, we have seen gold price protected in the 2070s range multiple times for the last 4 years. Therefore, I am a bit shaky about buying this level and you cannot blame me I have my reasons which are as follow:
1- ALL TIME HIGH! yes you heard me emphasizing at it. This current price range is something that some big fish cares about. Even during COVID and the subsequent turmoil in the market, we have seen it enough times how someone always manages to push gold back down from here.
2- Aside being the ATH, the current price zone is also the final supply level based on the historic data.
3- Aside from the fibs, I have no evidence that gold will ever make it to the 2133 level
Hence, neither am I buying here nor I would recommend anyone to buy here as well. But I am also reluctant to sell currently. The reasons are as follow:
1- There is nothing on big time frames (Daily and above) that so far suggests that we could enter a sell, however, the last H4 of the Friday closed a doji, which may suggest that a profit taking is in action but we cannot make trade decisions based on that alone therefore, we must wait for a proper rejection on daily timeframe at least, don't worry about the lost pips in the process you will inshallah make many more after confirmation.
2- We are trading inside a rising wedge, to adequately mark a reversal we must break lower than that rising wedge as demonstrated on the chart. That is a structural break I would be delighted to sell with. Unless we break lower than the wedge we will possibly trade inside it even if we get a daily rejection as mentioned earlier.
3- Strong bullish momentum on weekly and monthly
4- Post rejection scenario - I think even if we do not break lower than the wedge 2000-2010 is super doable since it is a previously broken supply area which is not the floor for the gold. So it does make sense to retest it, no?
Have patience guys the sell is probably very close just need to wait for it! Happy trading and ensure proper risk management, small losses are better than getting ensnared in an opposite swing. Best of luck!
Trade active:
Alright folks this is the rejection we were waiting for! We may start entering short positions now to all the way down. Best of luck :-)