Simple analysis - Potential BIG trade
Sometimes we need to make the chart as simple as possible to understand the market direction. I only use one minor trendline and one support line in this analysis.
So far, the price has already breakout and closed below the "red" line, a pretty strong indication that the market potential will be falling deeper to retest the 1760s neckline.
Tomorrow Fed Chair Powell will testify, and also we all waiting for the high-impact US data to give us more clues about the next direction of the gold price.
Catalyst:
- Fed Chair Powell Testifies
- CPI
- PPI
- Sales data
- Unemployment
- Bonds auction
Invalidation:
- This analysis fails if the price breakout and close above the "red" line
So far, the price has already breakout and closed below the "red" line, a pretty strong indication that the market potential will be falling deeper to retest the 1760s neckline.
Tomorrow Fed Chair Powell will testify, and also we all waiting for the high-impact US data to give us more clues about the next direction of the gold price.
Catalyst:
- Fed Chair Powell Testifies
- CPI
- PPI
- Sales data
- Unemployment
- Bonds auction
Invalidation:
- This analysis fails if the price breakout and close above the "red" line
Upgrade Your Trading Station with Gold Cartel
Related publications
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.