Monthly
-Price move from Demand to Supply, bias is bullish
-Along the uptrend, a supply zone was tested and price manage to break above so indicate trend continuation
-Now price very close to supply zone and consolidated below, bull momentum is fading, may expect a trend reversal
Weekly
-Monthly supply zone coincide with Weekly, high probability for a reversal from the supply zone
Daily
-From high of $1557, price has since made lower high and lower low, also trending inside a downward channel
-A supply zone was just engulf indicate price may go higher to challenge the next supply zone
-Low of last 2 trading day of the week was supported by LTF demand zone
-Expecting price to challenge high of $1536, probably a spike above and then promptly reverse
Summary
-Price hanging closely below HTF supply zone, a reversal scenario is likely but strong bearish momentum has not yet develop
-Price near high/resistance of channel, LTF demand zone may not hold & price could break below & went to Daily demand zone @ $1445-$1430
-Price move from Demand to Supply, bias is bullish
-Along the uptrend, a supply zone was tested and price manage to break above so indicate trend continuation
-Now price very close to supply zone and consolidated below, bull momentum is fading, may expect a trend reversal
Weekly
-Monthly supply zone coincide with Weekly, high probability for a reversal from the supply zone
Daily
-From high of $1557, price has since made lower high and lower low, also trending inside a downward channel
-A supply zone was just engulf indicate price may go higher to challenge the next supply zone
-Low of last 2 trading day of the week was supported by LTF demand zone
-Expecting price to challenge high of $1536, probably a spike above and then promptly reverse
Summary
-Price hanging closely below HTF supply zone, a reversal scenario is likely but strong bearish momentum has not yet develop
-Price near high/resistance of channel, LTF demand zone may not hold & price could break below & went to Daily demand zone @ $1445-$1430
Comment:
-Last nite price engulf demand zone and break below $1504, indicate price may decline in the short term
-Thus a short setup is much more likely
-Last nite price engulf demand zone and break below $1504, indicate price may decline in the short term
-Thus a short setup is much more likely
Comment:
-After a break of demand zone, price re-bounce to supply zone and spike through (remind me of "market can remain irrational longer than you can remain solvent)
-Now price range/consolidate without clear direction, best to stay aside & watch
-After a break of demand zone, price re-bounce to supply zone and spike through (remind me of "market can remain irrational longer than you can remain solvent)
-Now price range/consolidate without clear direction, best to stay aside & watch
Comment:
-Finally, market back to sober and rational
-Refer last update after price spike through supply zone, retrace and form a demand zone which hold roughly 40 hour before gave way & engulf by bearish candle
-On H1 bearish candle that engulf the demand zone, a fresh decent supply zone is form on M30
-Finally, market back to sober and rational
-Refer last update after price spike through supply zone, retrace and form a demand zone which hold roughly 40 hour before gave way & engulf by bearish candle
-On H1 bearish candle that engulf the demand zone, a fresh decent supply zone is form on M30
Comment:
Daily
-Still expect the price to continue respect the "Downtrend Channel" until the D1 demand zone and have final legs up into supply zone before major reversal.
-The long bottom wick on Friday D1 close was because price fall into the D1 demand zone and price bounce.
-For this demand zone, I expect price to test multiple times on LTF before been engulf and move into demand zone below.
Daily
-Still expect the price to continue respect the "Downtrend Channel" until the D1 demand zone and have final legs up into supply zone before major reversal.
-The long bottom wick on Friday D1 close was because price fall into the D1 demand zone and price bounce.
-For this demand zone, I expect price to test multiple times on LTF before been engulf and move into demand zone below.
Comment:
-Expect gold price to continue drop till $1460 zone and watch how price react.
-Expect gold price to continue drop till $1460 zone and watch how price react.
Comment:
-Short bias on gold still maintain, expect price to challenge previous swing high (red line) into supply zone and reverse.
-A bull trap might in play.
-Demand zone map out below has been tested few times so big chances for price to break below.
-Short bias on gold still maintain, expect price to challenge previous swing high (red line) into supply zone and reverse.
-A bull trap might in play.
-Demand zone map out below has been tested few times so big chances for price to break below.
Comment:
-Price break above the red line (resistance) into supply zone on H1 (overlook on this setup).
-Gold fall through channel and into demand zone below, although been tested price still bounce from it.
-Short bias still maintain.
-Price break above the red line (resistance) into supply zone on H1 (overlook on this setup).
-Gold fall through channel and into demand zone below, although been tested price still bounce from it.
-Short bias still maintain.
Comment:
Comment:
-Gold break to the upside with great impulsive force.
-If can hold, price may go up to $1527 & $1540 respectively.
-Gold break to the upside with great impulsive force.
-If can hold, price may go up to $1527 & $1540 respectively.
$1504 is also a important S&R level