This is my forecast as to where I see Gold headed into next week
Daily timeframe: From the 'bigger perspective' price is forming LLS and lHS and last week price formed the new LH at 1790.75. Price sustained below 1790.750 for 5 consecutive days. Price formed an evening star at 1790.750 with the middle being a shooting star cs. From a ''smaller perspective'' the bearish of the evening star completed a new LL taking out that prev HL and then on friday price completed a new LH.
4 hour timeframe: Despite that impulsive bullish engulfing cs, price still sustained below the 4 hr high at 1786 for 8 consecutive hours and thus price is still forming lower highs. Also, we have a solid break and retest of the trendline/channel.
Im short gold looking for it to go into 1763.5 and then 1751 if 1763.5 is taken out
Daily timeframe: From the 'bigger perspective' price is forming LLS and lHS and last week price formed the new LH at 1790.75. Price sustained below 1790.750 for 5 consecutive days. Price formed an evening star at 1790.750 with the middle being a shooting star cs. From a ''smaller perspective'' the bearish of the evening star completed a new LL taking out that prev HL and then on friday price completed a new LH.
4 hour timeframe: Despite that impulsive bullish engulfing cs, price still sustained below the 4 hr high at 1786 for 8 consecutive hours and thus price is still forming lower highs. Also, we have a solid break and retest of the trendline/channel.
Im short gold looking for it to go into 1763.5 and then 1751 if 1763.5 is taken out
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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.