I still am bearish on Gold for next few weeks.
Confirmations:
- Rising Wedge
- Bearish divergence
Entry - 4hr candle close below 2334
TP Range - 2270 - 2260
SL - 2351.2
This is a no-brainer to SELL it right here.
Especially with the DXY about to bottom!
(... which will very likely turn out to be an extremely long-term bottom - i.e., "for good" - as the U NYSE:D is about to go on a historic tear (+50%))
Today on the 4h, we have a bearish signal on the GC, as you can see on the chart :
1. We have in Yellow our resistance which holds well
2. We have Barycentre that confirm the bearish signal
Our Target will Be 1844
Summary for today I will be short the GC if the confirmations come in
GC Future is showing decreasing trend today. The pitchfork indicator shed light on the hallway that limit the trend of GC.
Moreover, the price has broken the range of equilibrium with an important Candlestick chart (Break Point).
Currently, the price evolution is under the VWAP indicator, so it seems the market is going down.
However, we should pay attention to...
Hey folks,
Im gonna wait price to break HH, than after flat phase with false break of upper border will signal us to go short :P
Watch the full market overview on my youtube channel
www.youtube.com
Sounds dramatic?
...I think it is.
Every commodity has it's price. But only the one that Humans are giving it.
Why has Gold failed so many times to make new highs? Why did the Bank of Canada sold (most or now all?) its Gold in 2016?
Yes, I know, we don't trade on fundamentals, but pure price and Action/Reaction. However, sometimes fundamental facts have their...
Here we are at the U-MLH.
Do we turn again south from here?
Dunno...
What I really know is, that price will reach the centerline over 80%.
So, from the perspective of the whit, upsloping fork, I would not initiate a short trade with a longer term perspective...
So lets just observe how price closes.
Above the blue U-MLH or below and how support will come in...
