GBP USD Trade Setup on 30-Minute TimeframeOn the 30-minute timeframe, GBP USD has formed a bearish break and retest pattern.
Currently, there is no entry candlestick confirmation. We need to see at least a Doji and close below, a Bearish Engulfing, a Pin Bar, or a Hammer candlestick confirmation at this level before we can execute this SELL trade.
Markets
Ethereum Analysis JUL-15, 24 Bounce & Profits On the Green $Here is the result of the ETH analysis. Based on its recent movements, we were able to correctly predict the support. Ethereum reached the demand zone we had been anticipating for days and thus rebounded again. This time, we could see ETH rise to approximately above 3600, targeting between 3800 and 4000.
If you followed my analysis from weeks ago, you should be in the green without any issues! Congratulations!
GBPUSD Analysis For Next WeekMarket Direction-- Down⬇️
Level to Look Out--1.25900 -1.25700 Targets
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Be sure to leave a comment; let us know how you see this opportunity and forecast.
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Baxter ready to enter Uptrend and reverse Downtrend :)This is very beautiful opportunity. Historically, baxter always had heavy downtrend cycle of 65/70%. Now, Baxter is 68% down. RSI is at its lowest and it created amazing BULLISH DIVERGENCE (see 1M frame). I gave first target and second target, also according time period. I bought shares of Baxter. NO LEVERAGE.
Ps. I advice you NEVER leverage.
NYSE:BAX GETTEX:BTL EUREX:BAXG1!
Gold ( XAUUSD ) Outlook !!!www.tradingview.com
Gold (XAUUSD) is navigating a descending triangle pattern and has rebounded from its upper edge. The 50-period moving average adds an additional layer of resistance for the asset.
If it breaks above the 2345 resistance level, it could clear the path to the 2365/2390 resistance
Conversely, a rebound from the upper edge may trigger a decline to the 2310/2285 support level.
The overall trend is positive, yet a dominant buyer has not emerged. The market is in anticipation of news. On a local scale, the trend is downward. To validate a shift to a local upward trend, the price must surpass and stabilize above the range of 2354 - 2364; this would set the stage for a potential rise to 2400. However, should the price fall below 2328, it could trigger widespread market concern.
Can we go back to reality?Congratulations NVDA, because you delivered everything you could deliver in terms of good results, however, can we get back to reality?
Will the Black Monday that we experienced in 1987, in the DOW JONES index, be experienced again in 2024, and thanks to NVDA and technology companies?
We know what happened between 1980 and 1985 to the American economy, right?
It is known that in the 1980s and early 1990s, dollars could circulate freely around the world, so much so that we had a global economic miracle, and the world was swimming in booming growth.
But, at the current moment, dollars can no longer circulate freely around the world (FED, China, Russia) and continue contributing to global growth? Therefore, the technological war we are experiencing today (chips and electric cars), diverted dollars to these sectors, further inflating this bubble that is about to burst.
Speaking of electric cars, China is firmly dumping its electric cars around the world at very reasonable prices (as it has no intention of breaking its internal market – control), once and for all destroying the automobile industry in many emerging countries, oh my, no?
Let's go graphics.
Monthly: NVDA has reached the three golden levels of the FIB of the SETUP used, so there is nowhere else to go. So, SPX, get ready.
The red lines are resistance points.
Weekly: With the brilliant financial report recently released, prices are ready to seek the golden region of this chart period.
The red lines are resistance points.
Daily. Prices have reached the region of 100% of the bullish pivot.
The red lines are resistance points.
Do your analysis and good business.
Be aware, if you buy, use stop loss.
See other graphical analyzes below.
The next decade belongs to Latin AmericaFor the past decade, decision-makers in major banks and multinational companies have been focusing their attention on one of the hottest "growth frontiers": emerging markets.
During much of the 1980's the prospects in most emerging countries were quite bleak: the debt crisis, inflation and domestic political turbulence.
Then a number of "economic miracles" began to pop up, drawing attention to specifically Southeast Asia, the Indian subcontinent, Eastern Europe and toward the end of the 80's, Latin America.
Latin America struggled with the heavy burdens of the debt crisis, hyperinflation, recession and the transition from authoritarian to democratic governments. Most analysts call the 80's Latin America's "Lost Decade." Most governments in the area came to the realization that they were gradually becoming irrelevant to the investment decisions of major international players and that they would slowly but surely lose ground to Asia and Eastern Europe in the competition for capital and employment opportunities. The region's trade with the rest of the world increased but at a slower pace than in countries at similar stages of their development. Latin America largely remained an exporter of primary goods. In fact, beside the popping off of just particular industry sectors and multinational companies, Latin America never saw a bullrun as a continent.
After lagging behind big players like India and China during the Era of Markets (1989–2019), where there was a remarkable increase in global economic interconnectedness and rapid adoption of digital technologies, now it's time to shine for Latin America and to catch up to OECD economies.
The next decade is expected to be a transformative period for Latin America with many countries experiencing rapid growth and development.
Economic Growth : Latin America's economic growth is expected to continue, driven by a combination of factors such as increased trade, investment, and infrastructure development. The region's large and growing middle class is also driving consumer spending and demand for goods and services.
Regional Integration : Latin America is also expected to strengthen its regional integration, with initiatives such as the Pacific Alliance and the Mercosur bloc aiming to promote trade and cooperation among member states. This will help to increase economic competitiveness and attract foreign investment.
Demographic Dividend : Latin America is experiencing a demographic dividend, with a large and growing population of young people entering the workforce. This will provide a significant boost to economic growth and innovation, as well as help to address social and economic challenges.
Innovation and Technology : Latin America is also expected to become a hub for innovation and technology, with many countries investing in digital infrastructure and innovation hubs. This will help to drive economic growth and create new opportunities for entrepreneurship and job creation.
Emerging countries now represent the clear majority of the world's population. Their growth prospects range from 4 to 5% per year in Latin America, 6 to 7% in East Asia and up to 10% in China. These are typically two to three times the expected growth rates of developed countries.
In all of these countries, growth will invariably entail the expansion of new middle classes, with outsized needs for consumer durables, housing and mobility.
The MSCI Emerging Markets Latin America Index e.g. captures large and mid cap representation across 5 emerging markets countries in Latin America. This index is one of the most trusted measures of how these stock markets in the region are performing. However, all the constituent countries do not have a proportional representation in the index. The country weights in the MSCI Emerging Markets Latin America Index are mostly Brazil 46.6%, Mexico 36.51%, Chile 9.79%, Colombia 4.17% and Peru 2.93% with sectors like materials, energy, consumer staples, common services and financials.
Looking at the Index from a technical macro standpoint we can see clearly almost 20 years of an (Wyckoff) accumulation period (with the launch in 1990 probably even longer) and sideways movement resulting in a kind of created bull flag signaling a continuous coming-in of buyers and losing steam of sellers.
Furthermore the monthly RSI is printing higher lows and higher highs which is an indicator for a steady uptrend and positive momentum shift towards the upside.
No doubt, Latin America is gonna flourish the next decade(s) marking a significant transformation, with the region poised to emerge as a major player on the global stage.
S&P500 Valuation In Current Economic EnvirontmentHello everyone,
as title says, today I would like to speak about the S&P500 and its market valuation in the current economic environment.
Since I prefer to study and analyze markets on higher time frames rather than day-to-day, this Case Study is based on quarter outlook (3M chart), to capture most of the available information using metrics that have significant inputs and outputs on the economy e.g. Interest Rates, Employment Rates, company Bankcruptcies & others.
I decided to make this Case Study since I believe we may be on the verge of facing difficulties on micro and macro levels, which in history led into a downturn of equity markets for a prolonged period of time.
It may be argued that some of these Cases are not relevant since they don't include full data, and that would be fair. But at the same time, I would point out that these data and used Cases are the most relevant to this day, because of their similarities to today's economic environment even if not in a full manner.
For better understanding, you need to take a look at Pic1.
(Pic1.:S&P500 chart with color legend)
-Captured time windows consist of the US Unemployment rate moving from relatively low levels to higher values in times when Interest Rates are relatively High. To make a better educated guess I included US bankcrupcies as an overall business health indicator.
-Inflation Rate or Federal Reserve Balance could be used additionally.
Historically, I would argue that the most similar to this day looks Case Nr.4
In both, we have:
a, rallied to ATH in unfavorable market conditions (3to4, 5to6?)
b, unemployment rate curving up from the bottom
c, bankcruptcies curving up from the bottom
d, interest rates are high (and cuts are around horizont)
Why is that important?
Because as Pic2. shows:
(Pic2.:S&P500 drawdown from top)
-In all of these cases market bled and did not start turning around BEFORE FED found the bottom rate.
And they have not even started cutting yet..
That in my view is a huge red flag and it brings attention to "Not IF we are about to go lower, but WHEN we are about to start going lower."
It may be a month, two or three... but if we take a look at what the chart and those economic metrics suggest, it's most likely will not be a pretty ride until all of those are resolved in favorable manner for markets, which may take year or longer as historical cases shown..
Unless they decide to print NEW TRILLION$$$
Hopefully, this case study was helpful for some of you in further market navigation.
If YES, please consider liking or sharing this post, it would mean a lot to me.
Also, if you are interested in more updates or you would like to receive personal analysis with lower time frame updates daily, let me know in the comments or DM.
Best Regards,
Joe
GLOBAL ECONOMY - FORECAST Hello there dear traders,
this is a quick update on DJI.
I just noticed a bullish divergence on the daily RSI (Relative strength of the market) which could lead a bounce back towards all-time high, which we just hit a few weeks ago.
Since Corona caused problems to the markets (more likely a bloodbath), people are panicking and overselling their holdings. The most absurd stuff was the shrinking of Anheuser-Busch stock, which is the owner of Corona-Beer, a beer and beverage company, which notes massives losses due to the situation decreasing sales...
Anyway, in my opinion markets are oversold right now and there is a chance we might see a bounce back up to
<<<28600!>>>
RSI looking good and news are still bearish- for me time to fill my bags! If you are interested in what I buy, make sure to ask in the comment section for a specific stock or index, I will tell you my opinion/create a chart for that!
If it works out and we come close to the previous all-time high, we will possibly retest this low as of today and at that point we will compare to RSI again and decide what to do!
<<<<23100>>>>
Note:
If we make lower lows and the strength of the DJI lowers as well, trades are canceled!
Bitcoin Market Analysis Post-Halving
After seven weeks of bearish sentiment, the Bitcoin market looks significantly different from the bullish euphoria experienced during the climb from $42,000 to $73,800. Now, with less than 48 hours left in the monthly candle, we stand at a critical juncture that could define Bitcoin's trajectory for May.
The Moving Average Convergence Divergence (MACD) indicator, commonly used to identify market direction, has entered what is known as the "red valley." This signaling suggests that we may be entering a more prolonged bearish period than initially anticipated by many analysts and crypto enthusiasts.
Currently, the BTC/USDT pair is trading around $65,500, facing significant challenges on shorter timeframes to generate the liquidity needed to break through key resistance levels. This stagnation below all-time highs could be interpreted as price consolidation before a potential significant move.
Investors and traders should closely monitor candle closes on higher timeframes and market reactions to crucial resistance levels. Patience and technical analysis will be essential tools for navigating the turbulent waters of the post-halving Bitcoin market.
THIS IS NOT A FINANCIAL ADVICE
Karrat $Karrat #KarratKarrat will quite possibly end up being the game that truly begins to show people that web3 gaming is the future that most are not truly aware of yet.
The team behind this project have been working hard for many years and now it is here. You have people that came from working at #Disney and #pixar etc.
This game has some of the cleanest looking graphics as well as highest quality NFT's you will ever see.
This project just recently dropped and instantly went OVER NYSE:B mkt cap.
Like all new launches you get a crazy pump and then a sell-off from early investors realizing some of their gains they deserve from being early.
We are most likely now getting to an area that will get a bounce back up to test those level from launch and or somewhere near there.
In the bigger picture this could easily end up hitting $3- SEED_TVCODER77_ETHBTCDATA:5B in the peak of the Bullrun.
With some patience and longer-term timeframes in mind this may later turn out to be one of the greatest buying opportunities ever for many.
Can it go lower in the near term, YES.
But if you're a trader looking to make a swing trade and or day trades, these are levels of interest that i myself am buying and trading.
However, I've been trading this for gains since day one and even managed to trade a #Fomo buy at $1.08 into profits.
Regardless of anything this project and level of performance need to be something you are paying attention to if you don't want to get left behind in the world of #Web3Gaming.
Could 50K Bitcoin Be In The Cards?Hear me out... I know it's just a couple of days before the halving, but the selling pressure is still strong on BTC and has hit the 60K level without showing signs of slowing the pace to the downside. This makes me think that 50K-52K is possibly in the cards because there really isn't much support until that zone as the order blocks are showing on the 4hr timeframe. Other timeframes are looking very similar.
We may have some ups, we may have some more downs, and guess what, we will have some sideways time too. What is important is that you make sure you are following the trend for your time frame. If you are trading short term like myself, you are hopefully capitalizing on the short side. But you may be in the camp that you are buying the perpetual dip. If so, then you are just hopefully dollar cost averaging into the market on these drops to the downside.
With global tensions high in the past week, the markets haven't been very favorable for the number-go-up crowd, but for those that know how to trade the volatility, you should have been doing pretty well either way.
Are you buying the dip bullish or are you shorting with the bears?
Would love to know in the comments!
CAPE Fear: Is the Stock Market Headed for a Cliff Dive?
A dark cloud hangs over the seemingly sunny skies of the stock market. The culprit? A valuation metric known as the CAPE ratio, which is currently hovering near its third-highest level in history. This has some investors spooked, whispering fears of a potential market plunge. But is this cause for panic, or simply a cautionary sign?
The CAPE ratio, or cyclically adjusted price-to-earnings ratio, takes a company's average earnings over the past 10 years into account, rather than just the most recent year. This provides a smoother picture of a company's value and avoids distortions caused by short-term fluctuations. When applied to the entire S&P 500 index, it offers a snapshot of the overall market valuation.
Historically, a high CAPE ratio has often preceded significant market downturns. For instance, the dot-com bubble burst of the early 2000s and the 2008 financial crisis were both preceded by elevated CAPE ratios. This correlation has led some to believe that the current high CAPE ratio is a ticking time bomb waiting to explode.
However, the story isn't quite so black and white. Here are some factors to consider:
• Earnings Growth: A key caveat is that high CAPE ratios can be justified by strong corporate earnings growth. If companies are consistently generating more profits, a higher valuation might be warranted. While future earnings are never guaranteed, a healthy corporate sector with robust profit margins can support a higher CAPE ratio.
• Interest Rates: Interest rates play a crucial role in stock valuations. When interest rates are low, as they have been for the past decade, stocks become more attractive compared to bonds and other fixed-income investments. This can drive up valuations, even if underlying fundamentals haven't necessarily strengthened.
• Investor Psychology: Investor sentiment can also influence the market. If investors are feeling optimistic and bullish, they may be willing to pay a premium for stocks, pushing valuations higher. Conversely, fear and uncertainty can lead to a sell-off, causing a rapid decline in the CAPE ratio.
So, what does this mean for the future of the stock market?
• Caution is warranted: A high CAPE ratio is a signal that the market may be overvalued. Investors should be cautious and avoid blindly chasing momentum stocks. Diversification and a focus on long-term fundamentals remain crucial investment strategies.
• Not a guaranteed crash: A high CAPE ratio doesn't necessarily predict an imminent market crash. It simply suggests that future returns might be lower than those experienced in recent years.
• Focus on quality: Instead of chasing high-flying stocks with inflated valuations, investors should focus on companies with strong fundamentals, a history of consistent earnings growth, and sustainable business models.
The current market situation calls for a balanced approach. While a high CAPE ratio is a reason for caution, it shouldn't trigger panic selling. Investors should be mindful of valuation metrics, but also consider factors like earnings growth, interest rates, and overall economic health. By adopting a prudent investment strategy and focusing on quality companies, investors can navigate this period of uncertainty and potentially weather any potential storms.
Will it fall further or is it time to buy? Tension in East.Since the U.S. inflation data last Wednesday, the EUR/USD has depreciated for four consecutive days, falling by 2.42%.
Tensions in the Middle East and a strong U.S. Dollar Index (DXY) have contributed to this decline, which may be finding a potential buying zone.
The pair is currently trading around 1.063 at the time of writing this article.
The direction of the price this week remains uncertain. The EUR/USD is currently trading in a support zone (at the 61.8% Fibonacci level), but further declines cannot be ruled out given the ongoing conflict in the Middle East or continued strength in the DXY. The DXY directly influences the pair's exchange rate. On the other hand, the price is also near the support level of a triangular pattern, which suggests that after a few days of consolidation, buyers might gain confidence and push the pair toward the 1.09 resistance level indicated by the pattern.
**THIS IS NOT INVESTMENT ADVICE. EACH TRADER IS RESPONSIBLE FOR THEIR OWN TRADING DECISIONS AND RISK MANAGEMENT.**
Beam $Beam #Beam Beam is a perfect example of why you look at things on multiple time frames before you just make a quick decision on if something looks good or bad from just one point of view. It has had a rather deep correction and still could go lower. However, if you really understand the project as well as the type of heavy influencers it has behind it. It should be a somewhat easy buy/DCA at these levels especially if you have no exposure yet to it. most think it is going to be 20-50x + from this level by the end of this cycle. It also is a Gaming project that could end up being one of the few that ends up with real world utility proving that it ends up if not this cycle, then maybe the next. Being immune to Bear winters in the way other projects get. Not sure what you know about gamers, but they don't operate in 4-year cycles, lol these guys play 24/7365 and often even more during holidays.
Regardless of if it goes lower or not IMO these are good entries to begin with for future gains.
As for the charting shared and my indicators you can see that it looks a lot better on the daily then it does on the weekly which clearly has a strong sell signal currently. However i feel the daily looks close to throwing up a BUY signal and it could be about ready for a decent bounce even if just temporary. Only you know what your time horizon is and if you're trying to invest in your future and or make a swing trade vs a day/short term trade.
IMO Don't sleep on BEAM
If you ever wanted to follow early to accounts that stay in the game and up with what's going on and wish you made a appearance with them prior to them being bigger followings etc. this is a great opportunity lol with me, my larger OG account I've spent the last several years and all through the bear building was killed by X and now I'm starting over from scratch.
I've purposely given you the same chart and layout but on two different time frames to help newer traders coming into this cycle see how different things can look on a daily vs a weekly time frame.
I think that this can really help speed up learning for many and to open their minds to variables.
As you see the daily can easily in this case look much more instantly bullish and give you the greater feeling of FOMO #Fomo to jump in. Whereas the weekly can give you more of a tactical view and help with your approach being so.
Hopefully some of you find this chart helpful during this stressful pullback/flush that I'm aware has really beaten down and or killed many portfolios for traders.
I've fallen off on posting/sharing my charts these last few months while I was trading ALOT myself and on multiple platforms and various ideas. However, during these more stressful times I will try and stay more active with updating what community I have.
For my birthday without cause or warning X shutdown my larger account @RareBreedOG so I'm starting over fresh with almost no followers now for the algorithm. That being said I would greatly appreciate help with you hitting the like /Follow/share buttons as much as possible if you find these charts helpful at all or even just want to help me rebuild my following after getting Fu**ed by X. For this reason, I don't plan to pay for a checkmark this time around either, but you can all help give me reason to keep sharing and not just leave to other platforms.
Everyone stay safe and trade wisely and be careful with leverage in these uncertain times.
$Wolf #LandWolf on $AvaxDon't be fooled by incorrect contracts and many fake versions of this.
The true wolf on CRYPTOCAP:AVAX can be traded on @mexc and many other places but do your due diligence and make sure you're not buying some fake version as there are many.
This is part of the #BoysClub much like $Andy CRYPTOCAP:PEPE $Brett
The true NYSE:WOLF is on the red chain on @Avax
I think it will be an easy 3-5x for semi confident and decent traders. I think IMO it will be an easy 10x+ for more skilled traders and traders with greater conviction in their plays and the cycles and how they work.
IMO we are back into great DCA areas and even decent entries for those that like to buy and walk away i.e. set it and forget it.
I've sold and bought on these lines/ranges given MANY times this cycle and made great profits each time.
besides liking the overall ticker, lol i think it's one of the better priced mkt. values still of quality (if you want to call any meme such) coins left in the markets that are established.
I myself continue to make this play and have had great success with it this cycle.
Hopefully this chart is of some use to someone out there looking for info on this ticker.
Only you can decide which coins you trade as well as which chains they are on. You'll also find versions of most coins on CRYPTOCAP:SOL NASDAQ:BASE CRYPTOCAP:ETH etc.
CRYPTOCAP:PEPE also exists on many other chains and under many various contracts. Some do well, some do phenomenal, some don't do much at all besides make you exit liquidity.
I like my NYSE:WOLF on CRYPTOCAP:AVAX and trade it on Mexc which has worked for ME.
I didn't run this exact one on multi time frames in same post if someone wants, they can request and I'm happy to repost it.
I've purposely given you the same chart and layout but on two different time frames to help newer traders coming into this cycle see how different things can look on a daily vs a weekly time frame.
I think that this can really help speed up learning for many and to open their minds to variables.
As you see the daily can easily in this case look much more instantly bullish and give you the greater feeling of FOMO #Fomo to jump in. Whereas the weekly can give you more of a tactical view and help with your approach being so.
Hopefully some of you find this chart helpful during this stressful pullback/flush that I'm aware has really beaten down and or killed many portfolios for traders.
I've fallen off on posting/sharing my charts these last few months while I was trading ALOT myself and on multiple platforms and various ideas. However, during these more stressful times I will try and stay more active with updating what community I have.
For my birthday without cause or warning X shutdown my larger account @RareBreedOG so I'm starting over fresh with almost no followers now for the algorithm. That being said I would greatly appreciate help with you hitting the like /Follow/share buttons as much as possible if you find these charts helpful at all or even just want to help me rebuild my following after getting Fu**ed by X. For this reason, I don't plan to pay for a checkmark this time around either, but you can all help give me reason to keep sharing and not just leave to other platforms.
Everyone stay safe and trade wisely and be careful with leverage in these uncertain times.
THE KOG REPORT - UpdateEnd of day update from us here at KOG:
In the KOG report on Sunday we gave the extension levels of 2365 and 2372 as bullish targets which as we can see we're extending in to and completed one of them. Yesterday we said unless we broke below the bias level we were likely to take liquidity from higher again, so put caution on the short trades. Again, the opportunity presented itself to long the market which we gladly took for a level to level red box trade adding to the other pairs that hit TP's making this one of the biggest Months so far in terms of completed targets and pip capture in Camelot. For that reason, we're going to take it easy now and wait for CPI unless a clean opportunity arises.
So, what now?
For the remainder of the session and the Asian session we have resistance now 2350-55 which if we manage to hold could give us the potential swing down into the support levels 2330 and below that our bias level 2320! Break above, and we have added a new level for everyone as the potential target region before another expected RIP. We've left the original chart illustration from Sunday's KOG Report as we did say there will be an extension of the move, so for now we'll stick with it unless anything changes tomorrow. Please remember, pre-event price action will entail choppy market movement and conflicting patterns as well as the potential small range forming. Please be cautious on your trading!
Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.
As always, trade safe.
KOG
THE KOG REPORT THE KOG REPORT:
In last week’s KOG Report, what can we said during the early part of the week we wouldn’t be looking to long the market, instead, we would look for a high to form and then short the market back down in to 2230 and below that 2220. We got the short into the initial levels which is where we suggested during the week that traders take the trades and wait for a RIP. We gave the bias level targets as bullish above 2220 and long trades to be take into 2250 and above that 2286 on the bounces, which as you can completed. Then came NFP and the long trade from the support level, again giving us a great capture enabling us to have traded this down and then up again level to level almost pip to pip entry and exit.
Please be aware, these levels are not small captures, you only need to look at the chart posted to see the distance that has been covered in this play.
Great week for us in Camelot, not only on Gold, but on the numerous other pairs we trade. Hit rate was amazing, pip capture through the roof!
So, what can we expect in the week ahead?
Quick and simple KOG Report this week. Caution again on going long too high up as any movement like we’ve seen in the opposite direction will not give you time to manage your trades. Keep your lot sizes in check and make sure you're risk model is up to scratch. This is no normal market, we're in unprecedented times and markets reacting in extremes!
For this week, we’re looking at a potential stretch on gold so please be careful! These levels are to be tested, but one more little move to the upside to get the ideal entry would be perfect for us. So, we have the initial resistance right here on the close 2230-35, if held there is an opportunity to short the market back down into support regions 2310-05 which is where we want to see what happens and look for a potential RIP. A break here is what is needed for the price to continue downside, otherwise one more swing higher into the order region 2345-50 could be available which is where the ideal short may come from! Longs higher up are risky as the turn can be sudden and will leave traders left hanging a region where data is lacking, so caution please unless you’re scalping for quick captures from the intra-day levels we posts as well as the red boxes.
Use the levels on the chart and use the intra-day levels, don't marry the trade, don't marry the position. When you trade like this, it doesn't matter where the market goes, you trade it, take what it gives and come back again when your set up is right.
It’s really as simple as that this week, price goes up into our levels, we want to test the shorts, comes down we’ll either test the longs, or wait for the potential stretch and then short it from higher up.
KOGs bias for the week:
Bearish below 2350 with targets below 2310 and below that 2280
Bullish again on break of 2350 with targets above 2365 and above that 2372
Range in play – Support 2255 / Resistance 2372
Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.
As always, trade safe.
KOG