Gold going sideways. What is next?
After a long bearish movement Gold managed to stay in a sideway movements since a couple days. This indicates that there is bullish pressure trying to put a break on sellers. In my experience this can be a trap for early buyers. There is a big posibility liquidity grab may occur. At this moment gold is ranging between 1830 and 1818 wich has formed strong support
Second is that it look like the daily channel support got broken. It already tested the other side.
My forecast is gold will fall(break 1818) and grab liquidity. Fall below 1810 is highly posible. Around 1810-1805 there is a strong support level wich can prevent gold from falling any further. Retracements up to 1830, 1840, 1860 is posible, and afterwards gold may fall again.
If gold manage to fall below 1800 then gold will resume its bearish move. On the other side the dollar keeps strengthen wich can indicate that Gold will get weaker.
Either way both sides off the rangingmarket is were liquidity lies. So be carefull with traps and manipulations from the market maker.
Support levels: 1818, 1805, 1800
Resistance levels: 1830, 1840, 1860
Second is that it look like the daily channel support got broken. It already tested the other side.
My forecast is gold will fall(break 1818) and grab liquidity. Fall below 1810 is highly posible. Around 1810-1805 there is a strong support level wich can prevent gold from falling any further. Retracements up to 1830, 1840, 1860 is posible, and afterwards gold may fall again.
If gold manage to fall below 1800 then gold will resume its bearish move. On the other side the dollar keeps strengthen wich can indicate that Gold will get weaker.
Either way both sides off the rangingmarket is were liquidity lies. So be carefull with traps and manipulations from the market maker.
Support levels: 1818, 1805, 1800
Resistance levels: 1830, 1840, 1860
Comment:
Gold did what i was expecting. Broke the support level to grab liquidity. Expecting GOld to fall more toward 1810 and below
Comment:
My view on gold stays the same. GOld is hovering below the daily channel. It tried pushing lower toward 1813 but rejected directly. Today is NFP so i expect the gold market to stay stable during the day.