Monthly
We have seen continuous rejections of 1350 per oz over the prior 4 months with long spikes to the upside - clear selling pressure as price been unable to breach this zone. This month we have seen a close below 1300 per oz as well as a close below our 8 EMA.
Weekly
2 weeks ago we saw a strong bearish candle form which took us below 1300 per oz firmly followed by an EMA crossover to the downside. The 2 most recent weeks have seen us retest this area. I believe we will see a further downside decline - especially with NFP tomorrow which may strengthen the dollar.
Daily
We have seen a nice downtrend in play with clear lower highs and lower lows forming. Today's candle has closed as a shooting star firmly below 1300 per oz. This is also confluent with a 3rd bounce on our daily TL as well as EMAs downward facing.
H4
The H4 chart is also in alignment with the daily TF - lower highs and lower lows. Price has pulled back to the monthly key area of 1300 per oz as well as the 50% fib level. Orders have been accumulating as we can see a breakout of strong consolidation and our CTL. EMAs have also crossed to the downside.
We have seen continuous rejections of 1350 per oz over the prior 4 months with long spikes to the upside - clear selling pressure as price been unable to breach this zone. This month we have seen a close below 1300 per oz as well as a close below our 8 EMA.
Weekly
2 weeks ago we saw a strong bearish candle form which took us below 1300 per oz firmly followed by an EMA crossover to the downside. The 2 most recent weeks have seen us retest this area. I believe we will see a further downside decline - especially with NFP tomorrow which may strengthen the dollar.
Daily
We have seen a nice downtrend in play with clear lower highs and lower lows forming. Today's candle has closed as a shooting star firmly below 1300 per oz. This is also confluent with a 3rd bounce on our daily TL as well as EMAs downward facing.
H4
The H4 chart is also in alignment with the daily TF - lower highs and lower lows. Price has pulled back to the monthly key area of 1300 per oz as well as the 50% fib level. Orders have been accumulating as we can see a breakout of strong consolidation and our CTL. EMAs have also crossed to the downside.
Trade closed manually:
Closed before interest rate decision in small profits.