Gold moved pretty much sideways last week, building up strength to break the October high.
The question is not whether the breakout will happen or not, but how deep the retracement will be. Will it be a deep retracement and the start of a choppy price action like last year or not?
Top-Down Analysis
3 weeks
For now, the price is forming another bullish manipulation.
1 week
Until I see a rejection like the last time, my bias remains bullish.
2days
I have marked the area of my reaction which lies with the 4H zone.
Benchmark
The commodity index has fallen, but gold has been fairly stable in the various markets.
COT Reports
It seems that the professionals are not in a buying mood, as they expect a correction or sideways movement.
US Yields
Yields have been falling in recent weeks on expectations of a cut next year. With the projection from the FOMC Minutes stable at 5.25-5.5%, yields are likely to rise for a while, which could lead to choppy price action on gold.
XAUUSD vs GDX
Not much has happened since last week. The trend is still bullish, but it is not clear whether a correction is coming or not.
Gold vs Silver
Silver has formed a very strong candle, suggesting some bullish movement in gold. Silver is also approaching the reaction area. This is another indication that we may see a significant correction very soon or some kind of consolidation.
Momentum
The momentum is not very clear, but there is still room for gold to rise.
The question is not whether the breakout will happen or not, but how deep the retracement will be. Will it be a deep retracement and the start of a choppy price action like last year or not?
Top-Down Analysis
3 weeks
1 week
2days
Benchmark
The commodity index has fallen, but gold has been fairly stable in the various markets.
COT Reports
It seems that the professionals are not in a buying mood, as they expect a correction or sideways movement.
US Yields
Yields have been falling in recent weeks on expectations of a cut next year. With the projection from the FOMC Minutes stable at 5.25-5.5%, yields are likely to rise for a while, which could lead to choppy price action on gold.
XAUUSD vs GDX
Not much has happened since last week. The trend is still bullish, but it is not clear whether a correction is coming or not.
Gold vs Silver
Silver has formed a very strong candle, suggesting some bullish movement in gold. Silver is also approaching the reaction area. This is another indication that we may see a significant correction very soon or some kind of consolidation.
Momentum
The momentum is not very clear, but there is still room for gold to rise.
Strategy:
-Macroeconomics
-Market manipulation
-Liquidity calculation
-Economic and price action indicators
-MTF Pivot points
*Fundamental analysis
*Technical analys
*Quantitative analysis
Free group:
t.me/serpentforexclub
-Macroeconomics
-Market manipulation
-Liquidity calculation
-Economic and price action indicators
-MTF Pivot points
*Fundamental analysis
*Technical analys
*Quantitative analysis
Free group:
t.me/serpentforexclub