Let's take a look at some key things happening with gold and why I decided to go long. The first and most convincing factor for me is the market structure shift after taking sell-side liquidity, followed by strong displacement to the upside. We also have equal highs. Additionally, there’s a 4-hour breaker, and if you look at DXY, it has broken down after running ITS buy-side liquidity. Bonds (ZBU2025) are also showing strength. Gold is still in a range market, and right now we are at the range lows. So, even if you're not bullish on gold, it doesn’t make sense to short. I also wouldn’t feel comfortable shorting because of the equal highs above.
INVALIDATION IS RECENT 4HR LOW.
INVALIDATION IS RECENT 4HR LOW.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.