GOLD (GC1!) Mid Term Update - Observations
Updated
As mentioned in my prior weekly analysis, there were some key fib levels to look out for.
The 0.382 was hit yesterday. We waited to see how price reacted, and it broke through.
Today the 0.5 was hit. Now we will wait for the daily close and see how the price reacts for a second time.
it is highly likely a short entry will present itself either tomorrow - in regards to the upcoming ADP data - OR on Friday when NFP hits.
The 0.382 was hit yesterday. We waited to see how price reacted, and it broke through.
Today the 0.5 was hit. Now we will wait for the daily close and see how the price reacts for a second time.
it is highly likely a short entry will present itself either tomorrow - in regards to the upcoming ADP data - OR on Friday when NFP hits.
Note
Good rejection again today.NFP is releasing tomorrow, so the aim will be to short the high following the data release. This should trigger the new mid term downtrend.
Note
Gold has now essentially rejected our zone very convincingly.The mid term down trend has now begun.
Note
Just an update, you should now be looking for shorts.Note
Very long hold for this trade, however, this is the nature of longer term analysis.I will be posting an updated analysis tommorow.
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