Friday turned out to be very bearish for Gold .
The price lost almost 1,5% of its value.
Analyzing a current intraday price action on 4H,
we have a perfect foundation for an ascending triangle formation:
so far we have two equal highs and two higher lows.
As we know, ascending triangle is a classic bullish...
Gold managed to violate 1875 major structure resistance level and close above that.
Now that structure turned into a strong support.
Being heavily overbought, I believe that soon we will see a pullback.
Taking into consideration that the price is coiling around a resistance of a major rising parallel channel...
I guess we all agree that ⚠️gold was playing heavily with our expectation this week.
We saw a key level test and its false breakout.
We saw a bearish signal and a massive stop hunt.
Something is definely going on there.
For the next week here are two scenarios for you to watch:
1️⃣In case of a bullish breakout of the...
Gold keeps growing since the end of March.
+10% net growth so far.
The market looks overbought and quite soon we may see a retracement leg.
To catch that stay focused on 1855 - 1875 structure resistance cluster.
It is a very important historical zone.
To short it wisely, follow a rising parallel channel .
Wait for its...
Currently moving up in this ascending triangle - Big day as we've successfully broken through $500 and are now retesting it for support (I've already opened a long position here).
Daily chart looks set to blow up providing we can hold the 500 level. Next fib extension on the daily is 1.272 and sits at bang on $600 so will be placing a sell order just below....
Price action on a daily chart on gold is still very bullish to me.
The last high that the price is set did not reach a key level,
and bearish rally will be most likely limited.
Ahead, buyers are facing a major strong daily support cluster.
I believe that after a test of that zone, we will see a bullish continuation
Bullish on copper with the current confluence of news -
Goldman called copper the new oil due to its links to the green energy sector and gave a very bullish price forecast citing a potential future shortage due to "demand increasing 900% by 2030"
Coinciding with this was the mining strike in Chile - first the rumblings of a strike then the actual strike itself....
a strong potential reversal zone is ahead.
the market is quite close to a daily resistance cluster and chances will be high to see a pullback from that.
to sell with a confirmation,
follow a rising wedge pattern.
once the zone is reached, wait for a wedge breakout to sell.
❤️ Please, support...
Gold managed to break and close below a strong daily resistance cluster.
Now that structure turned into support and serves as a safe point to buy from.
It looks like the market returns back to a global bullish trend .
Next goal - 1810 (yellow underlined cluster)
❤️ Please, support this idea with a like and comment!...
So we hit the 4080 level which is the most extreme point the reversal can happen. I predict we will start to drop this coming week.
What I will be waiting for is a STRONG impulse to the downside on the 5 minute and then WAIT for price to bounce, that is where I will look to enter.
Reasons for Bias:
Volume and price divergence
Parabolic moves dont last,...
Gold is currently retesting a major daily support cluster-based on 2020/2021 price action.
It looks like the market is preparing for a trend reversal and initiation of a strong bullish impulse.
To catch that, wait for a daily breakout of the underlined structure (we need daily candle close above).
Then the broken...
It looks like Oil has now bottomed. I am expecting a strong move higher starting within the next couple of days.
I have my first target above but it expected that we will easily run that target.
Long bias on CL, let's go!
The market rallied higher which was a possibility as I mentioned in my last vid but dont worry I am still expecting a strong move lower either next week or the week after.
The drop is expected to happen around 406-408 and initial target is 388.
Let's go Ninja's.
Gold in currently trading in a sideways.
The market is consolidating within a wide horizontal trading range for quite a while.
Yesterday its support was reached.
A strong bullish engulfing candle confirms the strength of the underlined structure.
At the beginning of the next week I expect an intraday bullish leg to the...
Technically speaking, gold still remains bearish while it is trading within this major falling channel .
Now the price is testing its resistance and its future direction strictly depends on the reaction of the market participants to that.
For shorting wait for a bearish breakout of a small rising wedge pattern.
It will be...