GOLD UPDATE!!!
From my previous analysis, I said we may have a potential IHNS pattern on the daily timeframe if the price will react inside the right shoulder area, a higher chance for the price move to the upside, and now the price did what I mentioned in my last analysis. And now the price reached the major resistance zone, if the price will manage to show us a clear higher high on the daily perspective, further upside is expected.
From the institutional's point of view, they are bullish bias on the gold, in the new report, long positions added around 13k and short positions were closed around 2.3k. During the gold move to the upside, long added and short closed, this can tell us a further upside is expected.
The proper way to approaching this pair is should wait for a new higher high on the daily timeframe because now we are inside the major resistance level as mentioned above, simply take the long at the resistance zone is not a good way. If the price will show some rejection in the resistance zone, the price may move to the downside massively, because we still have a strong demand zone in between 1622 to 1630 haven't retest on the weekly perspective.
The result might not follow my analysis, and this analysis is based on the technical and COT perspective.
Comment below let me know your views on GOLD.
From the institutional's point of view, they are bullish bias on the gold, in the new report, long positions added around 13k and short positions were closed around 2.3k. During the gold move to the upside, long added and short closed, this can tell us a further upside is expected.
The proper way to approaching this pair is should wait for a new higher high on the daily timeframe because now we are inside the major resistance level as mentioned above, simply take the long at the resistance zone is not a good way. If the price will show some rejection in the resistance zone, the price may move to the downside massively, because we still have a strong demand zone in between 1622 to 1630 haven't retest on the weekly perspective.
The result might not follow my analysis, and this analysis is based on the technical and COT perspective.
Comment below let me know your views on GOLD.
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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.
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.