So it appears that my analysis thus far has been pretty correct
link to that analysis is here - www.tradingview.com/chart/?mind=zcIvp...
But I'd quickly summarize it for you if you don't want to read the entire thing..Sellers are interested in gold right now, sellers stops would likely be above the blue zone and I was anticipating that the market can spike above there before attempting to head back down (red path possible)
So far so good - but the bearish momentum still isn't clear enough so it still isn't an invitation to sell in my opinion
Let's look at some of the facts
-gold is a bull market (overall - higher timeframe) but it isn't buying? why?
-gold as of right now (lower timeframe) is suggesting sells? why?
-gold likely doesn't have enough energy (liquidity) to continue with what it was doing (buying) so it needs to go get some
-where would gold get energy (liquidity) from? Sellers?
-gold still has to take out buyers at the low (purple circle) before buying because if it doesn't then those buyers would be in a really good buy
-the dealer never wants any trader to be in a trade where they are untouchable (doesn't make sense for the dealer)
I think gold is likely to come down through-out the course of the day because it doesn't make sense to go through all that stress of stopping out sellers then to not sell
The who point of stopping out the seller is so that the sell can happen safely (for the dealer of course)
Downvote if you didn't read and try to understand
OR
Upvote if you did read and tried to understand
If you disagree feel free to downvote but please don't do so without commenting why you disagree as simply disagreeing without explanation doesn't help either of us
link to that analysis is here - www.tradingview.com/chart/?mind=zcIvp...
But I'd quickly summarize it for you if you don't want to read the entire thing..Sellers are interested in gold right now, sellers stops would likely be above the blue zone and I was anticipating that the market can spike above there before attempting to head back down (red path possible)
So far so good - but the bearish momentum still isn't clear enough so it still isn't an invitation to sell in my opinion
Let's look at some of the facts
-gold is a bull market (overall - higher timeframe) but it isn't buying? why?
-gold as of right now (lower timeframe) is suggesting sells? why?
-gold likely doesn't have enough energy (liquidity) to continue with what it was doing (buying) so it needs to go get some
-where would gold get energy (liquidity) from? Sellers?
-gold still has to take out buyers at the low (purple circle) before buying because if it doesn't then those buyers would be in a really good buy
-the dealer never wants any trader to be in a trade where they are untouchable (doesn't make sense for the dealer)
I think gold is likely to come down through-out the course of the day because it doesn't make sense to go through all that stress of stopping out sellers then to not sell
The who point of stopping out the seller is so that the sell can happen safely (for the dealer of course)
Downvote if you didn't read and try to understand
OR
Upvote if you did read and tried to understand
If you disagree feel free to downvote but please don't do so without commenting why you disagree as simply disagreeing without explanation doesn't help either of us