SUMMARY - I couldn't just end it w/o an explanation for the last note in 4-M. This is what volume is saying, confidently and aggressively.
BACKGROUND - If I analyze purely by price, I would say 4-M (last post) is still good. But I said at the end yesterday that I couldn't forecast that with good conscience bc volume disagrees. After examination of 3 spot tickers and 2 futures tickers (XAUUSD from IDC, OANDA, and FXCM with futures from GC1! and GD1!). I have to think this is going to happen despite price regressions favoring bearish move 60+/40-.
WHY? - Generally speaking, traders will say volume is more important than price. That maybe true, but gold prices trade globally with MANY TICKERS including GLD. So this is why - even though I love IVO (Infinite Volume Oscillator, proprietarty), I will get sometimes conflicting volume waves depending on which ticker I use. But they ARE ALL AGREEING this is going to happen with the majority of the spike to 1857 occuring tomorrow after ADP. And a top of 1868-ish right at NFP (FRIDAY).
SO? - First try to break AUG 2020 down trend line will likely fail. How it fail decide how bullish gold will be. Why would failing there be bullish? Because making it there will change intermediate trends and to favor swing up by December.
BACKGROUND - If I analyze purely by price, I would say 4-M (last post) is still good. But I said at the end yesterday that I couldn't forecast that with good conscience bc volume disagrees. After examination of 3 spot tickers and 2 futures tickers (XAUUSD from IDC, OANDA, and FXCM with futures from GC1! and GD1!). I have to think this is going to happen despite price regressions favoring bearish move 60+/40-.
WHY? - Generally speaking, traders will say volume is more important than price. That maybe true, but gold prices trade globally with MANY TICKERS including GLD. So this is why - even though I love IVO (Infinite Volume Oscillator, proprietarty), I will get sometimes conflicting volume waves depending on which ticker I use. But they ARE ALL AGREEING this is going to happen with the majority of the spike to 1857 occuring tomorrow after ADP. And a top of 1868-ish right at NFP (FRIDAY).
SO? - First try to break AUG 2020 down trend line will likely fail. How it fail decide how bullish gold will be. Why would failing there be bullish? Because making it there will change intermediate trends and to favor swing up by December.
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.
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.