Chop, chop, chop. Range all day range all night.
Well, sortof. On the daily, Gold's drop and close are significant, certainly pointing to the bearish scenario I outlined previously on the Daily/Weekly.
But, this is the .382 retracement on the daily (link below) and I'm sure it's time to liquidate some fomo shorts. This move should have been obvious, the sharp move up, liquidity raid, etc.
Anyways, caught what might be a local bottom on gold here, stop loss below support there. The targets on the chart are simply the scenarios that could unfold if we continue to play this range. For long term analysis, please refer below.
Well, sortof. On the daily, Gold's drop and close are significant, certainly pointing to the bearish scenario I outlined previously on the Daily/Weekly.
But, this is the .382 retracement on the daily (link below) and I'm sure it's time to liquidate some fomo shorts. This move should have been obvious, the sharp move up, liquidity raid, etc.
Anyways, caught what might be a local bottom on gold here, stop loss below support there. The targets on the chart are simply the scenarios that could unfold if we continue to play this range. For long term analysis, please refer below.
Note
Target 2 is the main target for meNote
I'm a little undecided. Part of me feels like an important old support on the 4H was violated. But, looking at the H1 chart once again I have to reference gold's affinity for surprise pumps.Idk, overall the simplest answer is keep ranging to chop the most people. I stopped at entry while I was asleep but I'm trying to play this again. Some small shorts did trigger for me so I'll let those play out and see if we can leverage those little profits into some riskier plays. For now though, mostly just observing to see what happens here
Note
the 4H is just so bearish overall right now and like we saw in the weekly analysis gold needed the retrace Note
this could be the run up I wanted before, to liquidate shorts. like I said 2 comments above the hourly gave clues to this Note
tough to say. another run up to the top of the range like low to mid 1500's wouldn't be surprisingTrade closed: target reached
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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.