Hi guys,
So looking at gold, which every trader is probably looking at after that massive spike, I am trying to determine what the most likely move to happen next is. Well first looking into history every time gold blew into highs there is some sort of correction. So let us look at some levels.
2031.513
Looking left, this was a support level, which now seems to be resistance. A break above could indicate bullish sentiment. Should we wick above & trade back below this level, it could indicate bearish sentiment.
2014.75 – 2040.35
This is the golden zone, 50 – 61.8% retracement of the overall bullish move. This level lines up with the weekly trend line and could be the start of another bullish leg.
2009.566
If the bears manage to pull through and take price lower this level holds interest as the 78.6% retracement level.
2041.021 – 2048.443
Potential sell zone as a retracement of the leg down from 2071.955 to 2009.797. Also roughly the area of the 89 day SMA on the 1 hour time frame.
PERSONAL VIEW
There is a ton of data that is being released this entire week and next week. The market has to digest this data and to confirm the apparent technical bullish outlook. There is a lot of liquidity engineering going on now and to and navigate this sort of market just calls for blown accounts.
Overall, I am looking to get into the next leg of the expansion, as I believe this retracement may have reached its end. I will wait it out, however, as I am not in a rush to catch the “bottom”.
Trust my contribution helps and if there is any confusion please do not hesitate to comment the issues you face and I will address them as per my personal view.
Regards,
Austin Palmer
APFX Trading Academy
So looking at gold, which every trader is probably looking at after that massive spike, I am trying to determine what the most likely move to happen next is. Well first looking into history every time gold blew into highs there is some sort of correction. So let us look at some levels.
2031.513
Looking left, this was a support level, which now seems to be resistance. A break above could indicate bullish sentiment. Should we wick above & trade back below this level, it could indicate bearish sentiment.
2014.75 – 2040.35
This is the golden zone, 50 – 61.8% retracement of the overall bullish move. This level lines up with the weekly trend line and could be the start of another bullish leg.
2009.566
If the bears manage to pull through and take price lower this level holds interest as the 78.6% retracement level.
2041.021 – 2048.443
Potential sell zone as a retracement of the leg down from 2071.955 to 2009.797. Also roughly the area of the 89 day SMA on the 1 hour time frame.
PERSONAL VIEW
There is a ton of data that is being released this entire week and next week. The market has to digest this data and to confirm the apparent technical bullish outlook. There is a lot of liquidity engineering going on now and to and navigate this sort of market just calls for blown accounts.
Overall, I am looking to get into the next leg of the expansion, as I believe this retracement may have reached its end. I will wait it out, however, as I am not in a rush to catch the “bottom”.
Trust my contribution helps and if there is any confusion please do not hesitate to comment the issues you face and I will address them as per my personal view.
Regards,
Austin Palmer
APFX Trading Academy
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