Last week was a good trading week for us. But also a week to not forget how the market can be destructive. My overal view was bullish from 1810 on. Gold kept rising from that point. When the war striked gold even managed to rise around 250pips during market closure(weekends)
I warned everybody to look out for gold wich could potentially rise. Gold is a save asset during these events. GOld kept rising over the last week without any big rejection at resistance levels. I instructed to wait fore price action to tell us more. If we don't get a sell confirmaton we won't sell! I only went long in the market. My aim was for gold to potential reverse or give a proper pullback at 1885. When CPI strucks golf fell(Fundamental) In the daily timeframe 1900's was a perfect oppertunity for short. But when gold came to 1900 it sudden spikes 190pips towards 1919. Leaving multiple resistance levels as it was nothing. In my opinion the market was manipulated. A lot off liquidity formed around the 1900's area. Perfect for big players to wipe them out. In the weekly timeframe gold managed to form a bullish engulfing rising over 2 weeks candle. WIch idicates lots off bullish momentum.
So what now for this week?
We need to be exeptional carefull trading gold this week. Like is said multiple resitance level broke without a sweat. In the bigger timeframe even the Daily channel broke up to 1930's(wich is also strong resistance) If the market manage to break 1930 with confirmation. WE need to add buys. If this level holds posible for gold to fall back to the daily chanel (retest) and gold will go up again. seeking a break off 1930 and bulls will target 1950, 1970, 1980.
I do think gold needs to cooldown first. So a proper pullback can be expected. Keep in mind gold is in high demand during wars. So the bull momentum can continu after a correction. Selling the gold market this week is highly risky.
Longterm i wouldn't be suprised if we will see gold reaching All time highes(ATH) again.....
I warned everybody to look out for gold wich could potentially rise. Gold is a save asset during these events. GOld kept rising over the last week without any big rejection at resistance levels. I instructed to wait fore price action to tell us more. If we don't get a sell confirmaton we won't sell! I only went long in the market. My aim was for gold to potential reverse or give a proper pullback at 1885. When CPI strucks golf fell(Fundamental) In the daily timeframe 1900's was a perfect oppertunity for short. But when gold came to 1900 it sudden spikes 190pips towards 1919. Leaving multiple resistance levels as it was nothing. In my opinion the market was manipulated. A lot off liquidity formed around the 1900's area. Perfect for big players to wipe them out. In the weekly timeframe gold managed to form a bullish engulfing rising over 2 weeks candle. WIch idicates lots off bullish momentum.
So what now for this week?
We need to be exeptional carefull trading gold this week. Like is said multiple resitance level broke without a sweat. In the bigger timeframe even the Daily channel broke up to 1930's(wich is also strong resistance) If the market manage to break 1930 with confirmation. WE need to add buys. If this level holds posible for gold to fall back to the daily chanel (retest) and gold will go up again. seeking a break off 1930 and bulls will target 1950, 1970, 1980.
I do think gold needs to cooldown first. So a proper pullback can be expected. Keep in mind gold is in high demand during wars. So the bull momentum can continu after a correction. Selling the gold market this week is highly risky.
Longterm i wouldn't be suprised if we will see gold reaching All time highes(ATH) again.....
Comment:
GOld is still repecting the other side off the daily channel(retest). Posible bullish targets for gold are 1930, 1950, 1980