This is an Unhealty Uptrend
Updated
Last Friday Gold has broke down uptrend and dropped to 1707$. After touching to 233 Ema in 4H chart it bounced back to the 1730$ bc of strong buyying pressure and with reduce in VIX. But despite all the indicators' buy signal, that new uptrend is showing reversal signs. So after today's retail sales data of May, i think gold will go down.
Disclaimer: I am just expressing my opinion, i don't accept any responsibility about the trade u will do using this idea. Use your ideas and analysis allways while you trade.
Disclaimer: I am just expressing my opinion, i don't accept any responsibility about the trade u will do using this idea. Use your ideas and analysis allways while you trade.
Trade active
- S/L Extended to 1745$ for any case.Trade active
Retail Sales Datas are better than expected. It has bearish impact on xau/usd prices now.Trade active
Xau/usd didn't impacted much from the retail sales datas. That means market is still waiting for the industry datas and powell' speech to move.Trade active
Industry datas were terrible, So i am expecting 1725-1735 levels back again.Trade active
There is a strong resistance between 1729-1731$ and gold is struggling to pass it through. Now i am expecting price go down to 1711$ level as beginning. Levels are 1722-1717-1711-1707-1700-1695-1682-1660-1657-1645. I don't think price go lower than 1695$ in my opinion. Lets see.Trade active
Price faced with a support at 1717$. I have closed my a few shorts. Lets see will it turn back to resistance from that level.Trade closed manually
Looks like price won't go down more than 1717$ and looking like it is heading above 1745$ so we are closing our trade. Maybe next time :)
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