5 things you need to know before trade the gold this week.
1 Elliott Wave
The price is in the Corrective Zigzag wave C with the subwave (4) of C Short opportunity when breaks below Friday's low at 1889. If the price goes beyond 1932 then the Long bias to be applied.
2 CFTC Commitments of Traders
Smart Money still hold long 3 times than short positions indicates the long bias in mid-term and longer time frame, They closed a considerable amount of short position between 23-29 September report which means they have taken some profit of the down leg.
3 Volume Profile
1903$ is the most trade level of previous leg down. So, it should be the important resistant level.
4 Price Action
Resistance: 1903 - 1917
Support: 1880
.
5 Nothing is certain
.
For example, the news about Donald Trumps Covid-19 infection has impacted the gold price to jumped almost 30$ on last Friday. So, every order should be carefully planned and execute with stop loss level and proper amount of position sizing.
The price is in the Corrective Zigzag wave C with the subwave (4) of C Short opportunity when breaks below Friday's low at 1889. If the price goes beyond 1932 then the Long bias to be applied.
2 CFTC Commitments of Traders
Smart Money still hold long 3 times than short positions indicates the long bias in mid-term and longer time frame, They closed a considerable amount of short position between 23-29 September report which means they have taken some profit of the down leg.
3 Volume Profile
1903$ is the most trade level of previous leg down. So, it should be the important resistant level.
4 Price Action
Resistance: 1903 - 1917
Support: 1880
.
5 Nothing is certain
.
For example, the news about Donald Trumps Covid-19 infection has impacted the gold price to jumped almost 30$ on last Friday. So, every order should be carefully planned and execute with stop loss level and proper amount of position sizing.
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
Disclaimer
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.
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
Disclaimer
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.