MGC1! Watching for a potential drop to atleast 3290 before any bullish potential action
Gold Futures
Gold Futures forum
MGC1! Watching for a potential drop to atleast 3290 before any bullish potential action
MGC1! Hello fellow gamblers,I'm making this video to tell you all that nothing has changed!
Both scenarios are still at play and in this video I explain why I'm playing safe.
I might have mentioned in the video some of the trendlines, but at this time, it is best to play off the key levels for any confirmation.
- Levels to watch: 3418, 3363, 3283, 3208
Idea: $GC / Gold Update - The Bears …
GC1! …just posted this to the flooded with nonsense trash spot board
XAUUSD but I’m gonna have to repost it here, as posts get lost into the abyss of mindless nonsense constantly getting posted on that board tradingview.com/symbols/XAUUSD/minds/?mind=J8YqL7s7Sfa7HgzfgUiryw&exchange=OANDA
MGC1! My bias still remains bullish. It's difficult to short gold for very long, plus big money loves to buy at a discount. Also, new tariff news could cause an inverse reaction here.MGC1! And we got a reversal in that 4hr candle. It turned full bearish as it closed and it is now making me revisit my bearish scenario analysis.
MGC1! Likely a good idea to reduce risk for the next day (7/9) or so until trade talks get settled. Market looks like it will be fairly choppy until then. Will be cutting down position sizeMGC1! Last hour in this 4hr candle!!I want at least a close above 3339.2 and the 20EMA.
After that I have that 3355.8 - 3350 as my next target. A retracement from that range would not invalidate the bullish scenario as long as it stays above 3329.
MGC1! potential iceberg at 3339MGC1! Price reached that FVG I talked about yesterday.We're again seeing bullish divergences on the lower TFs, but in the higher TFs we can still see the bearish scenario as a possibility.
This is definitely a risky entry, but price has reached the .50 FIB and W2 target levels.
For a safer entry, you could look for a liquidity sweep candle, or a BOS candle with high volume.
