SerpentForexClub

SerpentForexClub

It seems that gold is not going to form bigger retracement. I expect slowly bullish continuation until CPI. There are a lot of fundamental reasons for gold to fly, so will be lucky when gold come back for a good swing trade.

SerpentForexClub

After the last big profitable day, my bias is again bullish. In my opinion gold will consolidate for most of the day and then should go up. In case we get a deeper retracement, I marked the next reaction area.

SerpentForexClub

It is very slow market expecting the FED tomorrow. There is still no clear direction - a huge imbalance below the current price, but still gold is steady.

SerpentForexClub

I see no reason for gold to fall. The fundamentals are very strong, as is the technical analysis. We have seen that even inflationary NFP have failed to move the market in opposite direction. I would use every single drop to buy gold. According to my Elliot wave count and also the type of market structure, gold has more room to rise before a major retracement or...

SerpentForexClub

It seems that gold will not make a bigger retracement, at least not until NFP. Today I will look to buy from the marked zone, with the idea that gold is moving in a bullish channel. I see multiple confirmations at that area - channel, cluster of pivot points, 50% of the wick. Currently the fundamental drivers are bullish - bank crisis again, China, war...

SerpentForexClub

Gold has soared not only because of the recent war activity between Russia and Ukraine, but also because of fears of the next wave of banking crises. It would be very nice to see gold return to the 2050 area, but I doubt it. I will try to buy at 2070 first and then see. As it is still Monday, gold could create a small consolidation, meaning it will continue...

SerpentForexClub

I have marked on the chart how strong the bearish manipulation was negated and the price went back to retest it. Today I expect a very choppy price action as it is the last day of the month and I also expect a similar price action - a retest of the negation.

SerpentForexClub

Gold is still bullish it should make strong move these days.

SerpentForexClub

Gold is still in the channel, still bullish. There are few dojis up there, so I think those are the targets for now.

SerpentForexClub

It seems that gold is moving in a choppy bullish channel. In my opinion the yellow metal will go up to retest the CPI news release.

SerpentForexClub

After yesterday's big fall, gold has reached a daily manipulation. It may continue to fall, but for now I am betting that the yellow metal will react and retest the CPI release level.

SerpentForexClub

Last week my bias was bearish and for now I think to continue south. I still believe that gold will fall further. This week we may see bullish reversal, but it will be not today.

SerpentForexClub

NFP hammered gold and although the uncertainty caused by recent war actions seems that gold is falling. For now the direction remains bearish. Last month gold moved very ugly - rapid moves of 300 pips in opposite directions almost every day. The result is an inside monthly bar. Gold is creating liquidity to break the all-time high once and for ever, but just not yet.

SerpentForexClub

Gold is back to the news release level. Last month gold closed as an inside bar, characterised by very unclear price action. Although gold is still moving in a bullish channel, my bias has changed to bearish, at least for now, until I see strong bullish manipulation.

SerpentForexClub

Gold is moving in a very broad bullish channel. Very unclear price action, but for no it seems it is will be bullish. Silver is also bullish, which is a confirmation for the rising gold, at least for now. There is not much sense to trade before the FOMC meeting tomorrow.

SerpentForexClub

Price action is still very unclear. Gold opened with a big gap, but in my opinion the direction is changing to the upside.

SerpentForexClub

I have no real direction for today. Gold is moving sideways and may remain in that range until Friday. The daily chart appears to be more bearish at the moment. In recent days, gold has formed a weak bearish manipulation, but price action in such tight ranges could be tricky. In any case, if I were to bet my money, I would sell gold.

SerpentForexClub

This month gold is very choppy, it remains the price action from August last year. Pretty much no sense to trade. My bias for today is still bearish. As gold is in a consolidation area, it will most likely move as it did yesterday.