GOLD Sells? Despite being a bullish market?
Good Morning Folks - So what we wanted to see last week on gold which would be that gold found its directional bias to be bullish again. Yeah, no that didn't occur
I Said I wouldn't trust buys until the previous ATH is at least achieved and I stand by that
At this time gold is clearly bearish momentum based even though gold itself is a bull market.
My question is why? Why would it be bearish in a bull market?
My answer? I think there is a lot of liquidity trapped lower that the dealer sees fit to go capture in order to continue his bull move
If he could have bought the market you can get your last buck he would have, so we have to assume he can't so who won't
I'm monitoring this purple zone here it seems like a break and retest - It also looks like a possible w pattern which would normally signal a reversal to go back bullish but again that doesn't give me a lot of confidence
My law says - "Never go against the momentum unless a reversal is clear" - @Brandon_evo4 \ Brandon Abass.
So I guess sells are on the table seeing as I don't think that is a likely reversal
Don't Boost if you didn't read this entire post and didn't even try to understand
OR
Boost if you did read this entire post and at least tried to understand
Follow me for more breakdowns like this - It's FREE
I Said I wouldn't trust buys until the previous ATH is at least achieved and I stand by that
At this time gold is clearly bearish momentum based even though gold itself is a bull market.
My question is why? Why would it be bearish in a bull market?
My answer? I think there is a lot of liquidity trapped lower that the dealer sees fit to go capture in order to continue his bull move
If he could have bought the market you can get your last buck he would have, so we have to assume he can't so who won't
I'm monitoring this purple zone here it seems like a break and retest - It also looks like a possible w pattern which would normally signal a reversal to go back bullish but again that doesn't give me a lot of confidence
My law says - "Never go against the momentum unless a reversal is clear" - @Brandon_evo4 \ Brandon Abass.
So I guess sells are on the table seeing as I don't think that is a likely reversal
Don't Boost if you didn't read this entire post and didn't even try to understand
OR
Boost if you did read this entire post and at least tried to understand
Follow me for more breakdowns like this - It's FREE
Trade active:
Sells open
Trade closed manually:
Target achieved 1:3 RRR
