Gold in Bearish range after a peak volatility and a $120 crash
XAUUSD After an awesome forecast of a move to 2075 in a previous idea I was too busy to publish to take advantage of the Bullish extension that reached the 2150 price area before dramatically crashing. This crash can be explained by the Liquidity void during this price surge.
Market ineffeciencies and volume imbalances lead to this rocket ascension then the following crash back to the 1930 base leaving a $120 playing field.
Here's an analysis update.
1940 and 1950 acted as significant supply zones on repeated tests
Last high pivot rejection at 1940 emphasizes its influence
1950 also exhibited resistance properties on prior approaches
Updated analysis:
1940 and 1950 levels provide tougher hurdles for bulls
Upside only sustainable above 1950 on daily closing basis
Further consolidation likely if 1940 continues rejecting advances
Break of 1940 opens path to retest 1950 resistance initially
Clear close above 1950 shifts bias bullish towards 1960 as a supply cluster
Range may persist with 1940 capping rallies for now
Note
several typo mistakes 2030, 2040, 2060 are the correct values
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.