Gold: Perfect Retest! Now Tightening Inside The Range.
Hello dear precious metals traders, hope you're doing well guys! ;)
Let's have a look at our previous analysis, quote:<We didn't close the previous Weekly candle above $1,400, which would've been crucial for the bulls to hold the range. But nonetheless, should we now keep correcting lower, we will have the huge S&R zone of 1,350-80 as support, this time coming on the way down, instead of knocking on the door from the way up since the break in 2013. => This should give the bulls huge reason to buy from that support zone.>
=> As we can see guys, we touched the $1,380 almost to the dot before bouncing off again.
Now what?
If we look on the Daily, we can see a potential Shooting Star reversal candle shaping up: This would make the case for further tightening between $1,425 and the bottom range of $1,380.
This Equilibrium will either see a break coming above the resistance of the current Double Top of $1,433-1440.
=> In this case of scenario, the road is free up to the Weekly important S&R zone of 1,550, where we had broken out the bottom in 2013 (see the macro gold analysis 'This is where the story begins')
Otherwise, in case of a bear break out of the Equilibrium, the bottom range of the previous S&R zone of $1,350 will still be huge support. => No red flags up until here. So even in case of a bear break, we can still see the bulls reacting with bouncing of from that bottom.
Do you have a trading plan with sheets, or are you trading from your head? Do you revenge trade, trying to make the money you lost back immediately, taking huge risk, losing even more? Are you already making gains over the long-term, like a casino, or are you still losing huge amounts, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. Psychology is half the rent in trading, if you don't take it seriously, you will crush your account. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Let's have a look at our previous analysis, quote:<We didn't close the previous Weekly candle above $1,400, which would've been crucial for the bulls to hold the range. But nonetheless, should we now keep correcting lower, we will have the huge S&R zone of 1,350-80 as support, this time coming on the way down, instead of knocking on the door from the way up since the break in 2013. => This should give the bulls huge reason to buy from that support zone.>
=> As we can see guys, we touched the $1,380 almost to the dot before bouncing off again.
Now what?
If we look on the Daily, we can see a potential Shooting Star reversal candle shaping up: This would make the case for further tightening between $1,425 and the bottom range of $1,380.
This Equilibrium will either see a break coming above the resistance of the current Double Top of $1,433-1440.
=> In this case of scenario, the road is free up to the Weekly important S&R zone of 1,550, where we had broken out the bottom in 2013 (see the macro gold analysis 'This is where the story begins')
Otherwise, in case of a bear break out of the Equilibrium, the bottom range of the previous S&R zone of $1,350 will still be huge support. => No red flags up until here. So even in case of a bear break, we can still see the bulls reacting with bouncing of from that bottom.
Do you have a trading plan with sheets, or are you trading from your head? Do you revenge trade, trying to make the money you lost back immediately, taking huge risk, losing even more? Are you already making gains over the long-term, like a casino, or are you still losing huge amounts, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. Psychology is half the rent in trading, if you don't take it seriously, you will crush your account. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
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