Gold Spring Long
Gold has been in Accumulation Phase.
The Range is defined between 1732 and 1747. It looks a lot like a Wyckoff Accumulation Phase.
Why ? Volume is the Answer.
1. Climax sell - look at the spike in volume and consider who is selling big time.
2. Accumulation - through 111 bars.
3. Spring - look again at the huge Volume Spike = someone big is interested in the Long Side.
It makes sense to clear out Liquidity beneath the range ( good bye Stop Loss for Longs and similarly those with Sell Stops )
Where to from here ?
1. Retest of Support = if this holds then the next play is for price to rise.
2. Breakout of Channel , Flag/Pennant, Breakout of Resistance.
3. Swing UP = the targets are prior consolidations or take a .618 Fib of recent high consolidation.
The break below the Spring invalidates going long.
The Range is defined between 1732 and 1747. It looks a lot like a Wyckoff Accumulation Phase.
Why ? Volume is the Answer.
1. Climax sell - look at the spike in volume and consider who is selling big time.
2. Accumulation - through 111 bars.
3. Spring - look again at the huge Volume Spike = someone big is interested in the Long Side.
It makes sense to clear out Liquidity beneath the range ( good bye Stop Loss for Longs and similarly those with Sell Stops )
Where to from here ?
1. Retest of Support = if this holds then the next play is for price to rise.
2. Breakout of Channel , Flag/Pennant, Breakout of Resistance.
3. Swing UP = the targets are prior consolidations or take a .618 Fib of recent high consolidation.
The break below the Spring invalidates going long.
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