MGC1! If we don't break above 3442, we could be heading towards 3k levels if are able to break 3252 support
Micro Gold Futures forum
MGC1! If we don't break above 3442, we could be heading towards 3k levels if are able to break 3252 supportMGC1! We need a break above 3442 for ATH.
MGC1! Going to sit out on trades for the rest of the week. Quite a few contradictory things happening news wise, will get a cleaner picture after tariff deadline passes. Have a great week y'all
GC1! Bias: Bearish under 3332
Breakdown setup: BOS below 3320 with retest
• TP1: 3312
• TP2: 3305
Invalidation: 3335 reclaim and hold
Alternate Long Setup:
If BOS and HL form above 3338 with confirmation:
• TP1: 3346 gap fill
• TP2: 3355 supply zone
Prime trading hours for both instruments are 1:30 PM to 4:00 PM ET.
Wait for structure confirmation and volume alignment. No raw scalps.
MGC1! sideways until nfpGC1! What We Have So Far:
• Sweep of 3338.4 supply zone
• 1m BOS + CHoCH + LLs forming
• Good delta shift & aggressive volume on rejection
• Still missing: full 5m BOS or LH + retest confirmation for A++ short.
MGC1! CMP 3330 ..It could trigger more bearish now
MGC1! Definitely nice when Powell is talking and you're on the right side of the tradeMGC1! No rate cuts, near-term outlook should be bearish here. Not a lot of volume at the moment obviously, but I think we should see a bearish move overnight during Asia and London. There's still important news coming out in the AM tomorrow, so I might actually TP over London.MGC1! Looking at the data releases that came out a few hours ago - we're looking mixed. GDP is up, which has pushed gold price down obviously. But some of the price indices have gone down as well, which means inflationary pressures are reducing. Higher probability that there are no rate cuts, so I am going to take a small micro gold position with a stop just above 3360. But again, the interest rate decision comes out in roughly 3 hrs and I'll be swing trading whichever direction gold goes after that.