GOLD was expected to trade higher and break the upper balance 1520. yesterday , US session, GOLD didn't go back to above 1510. Gold may still maintain the range between 1515 - 1480. i will change my bias to up side when GOLD trade back above 1510. Below 1505 will trigger more liquidation. Note
Gold reverse from 1504 to 1507 before London open. Break 1508 will start squeezing the sellers. run over 1510 will make seller to cover more positions. For bearish bias, I wanna see new selling at this area (1506-07), then I can expecting more liquidation 1490-80.
Note
I sold GOLD at 1506 and 1504.. take some profit at 1500 , and see if 1490 - 1480 will hold. Of not.. mm 1440s ?At US market, if the buyers aggressively come back (likely not), 1520 will be broken with this week or next.
This liquidation action, if this keep going deeper, I think US stock will still go higher. I haven’t check with with the T-Bond, but seems traders will buy more on the stocks.
But if Buyers come back very strongly, we may see the profit taking on US stocks.
Note
Sorry, I exit my selling Gold at 1495 not 1500.
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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.