GF101! trade ideas
2024-06-27 - priceactiontds - daily update - goldGood Evening and I hope you are well.
gold
comment: Daily ema at 2346 and we closed 2339. Bulls can’t close above it and bears can’t break below 2300. Today was strong enough for bulls to try and get a second leg. Measured move is up to 2375ish.
current market cycle: trading range
key levels: 2300 - 2360
bull case: Bulls first target tomorrow is to stay above the 1h ema and then break above 2350. 2350 is big resistance until broken. If they manage to break it, high probability we see 2360+.
Invalidation is below 2300.
bear case: Need a break below 2300. No better arguments for their case. Bears kinda tried down to 2304 but market stalled so long down there, that bears just gave up before EU open and market just melted higher. Was this a buy vacuum produced by bears stepping aside, rather than strong bulls buying? Will find out tomorrow.
Invalidation is above 2350.
short term: Odds favor the bulls for a second leg up but 2350 is big resistance until broken.
medium-long term: For now I think the most reasonable outlook I could give is a trading range 2200-2450. This could hold for some time. Bear in my still thinks this rally is dumb and we will see 2000 again this year but that’s as unreasonable of an outlook one could hold so DON’T.
current swing trade: None
trade of the day: Long anything after bar 6 broke above the range and the 1h 20ema.
gold silver interday update edu. purgold styaa bv 71450 looks up side till 71600-700 where support 71350 silver styaa bv 87500 looks up side 88000 support 87200 expect buy on dips with support sl
gold silevr update edu pur.gold spot stya blw 2310 looks dwn fall till 2303--2290 in mcx 71300 tya blw dwn only 70900 expect where hurdel 2320 in mcx 71516@-- silver stya blw 28.90 looks dwn ward 28.60--28.30 in mcx 87000 blw looks dwn fall till 86400-86001 87500 crucial hurdel for up side let see wht happen
Short GC from 2334.5GC bulls seem to be getting continuously beaten down with weakening strength. I'm generally still looking for shorts. I see over 100 contracts sitting on the offer around 2335. I think we'll either hit resistance and/or absorption around that level before rotating back down. Entering just below that level in case it can't be breached with a stop a few points above. Looking for a larger rotation down of at least 10 points.
Gold Macro Analysis - $2400 by JulyGold has been trading in and above the previous ATH zone since April of this year.
Large amounts of seller volume was enough to bring us down to $2300 June 7th; however the zone held.
We've failed to make either a higher high or a lower low during the last week and we're currently in a tighter consolidation on the daily chart.
There's liquidity on both sides, but it's more likely we see a break in the short term downtrend than prices below $2300.
$2375 shouldn't offer much resistance, with $2400 being the next psychological price and previous resistance level.
Gold/Silver Neutralizing FridayGold (August) / Silver (September)
Gold, yesterday’s close: Settled at 2344.4, up 13.2
Silver, yesterday’s close: Settled at 29.525, down 0.089
Gold and Silver futures are again on their backfoot. Despite a firm tape overnight, comments from Fed Governor Bowman that it is not time to cut rates, even pointing to the possibility of hikes in the case of persistent inflation quickly eroded the positivity. It is important to understand that Bowman is the most hawkish voice at the Fed and no stranger to outlier comments. We now look to CB Consumer Confidence data at 9:00 am CT.
Today marks the expiration of July options for both Gold and Silver, and this could bring a wonky tape through midday. For now, strong resistance has developed into the latter part of Friday’s bludgeoning, bringing major three-star resistance at 2348.7 in Gold and 30.07-30.12 in Silver; we must see move out above here in each in order to even start the path to neutralizing Friday’s tape.
Bias: Neutral/Bullish
Resistance: 2348.7***, 2355.3-2358.8***
Pivot: 2341
Support: 2329.5-2331.2**, 2318-2320.2***, 2304.2-2310.9***
Silver (Sept)
Resistance: 30.07-30.12**, 30.19-30.27**, 30.40-30.57***, 31.04-31.15***
Pivot: 29.90
Support: 29.69-29.79**, 29.30-29.38***, 29.03-29.05****
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GC1: Sell ideaSell idea on GC1 as you see on the chart because we have the breakout with force the vwap indicator.
Triangle sideways pattern in the fourth waveGreetings,
Dear friends, I hope you are well and have had a week filled with successful and profitable transactions.
My analysis of the Gold market: It is very clear that we are in the third wave, and with a little precision, I mean the first wave and the third wave, and with the extension of the Fibonacci expansion. The fourth wave is only due to the movement of the wave to the side, from my point of view, the running triangle pattern can be very likely until this analysis is invalidated, and after its completion, the price action will be witnessed with strength and an extension of the impulse pattern.
Note: I am a new analyst in the world of wave principles with three years of experience, and I am developing an analytical idea. There is no 100% certainty in financial markets due to the complexity of various patterns that can change. However, I do my best to back up any analysis I share with you guys with everything I've learned so far.
A brief explanation of the three fundamental laws of the wave principle:
1. The second wave should never go beyond the beginning of the first wave.
2. The third wave should never be the shortest wave between waves 1, 3, and 5.
3. The fourth wave must never enter the territory of the first wave.
Ralph Nelson Elliott was the founder of this theory, and when asked about his view of the market, he always referred to five waves in the direction of a larger trend and three waves against the direction it was taking. After completing an eight-wave cycle, a larger cycle is formed in the future. It's as simple as that.
May his memory be cherished, and may his soul rest in the shelter of God Almighty and the eternal world.
I am attaching the analysis of this market that I shared with you earlier to this current analysis.
The last word of my analysis text is repetitive, except for the explanation of the current analysis, because I also trade in the financial markets and am active in my social networks, working hard to improve my skills in analysis and trading to reach my goal.
I apologize for repeating the text.
I welcome suggestions and criticisms, and I will certainly respond, but a logical reason is important to me.
Thank you for taking the time to review my analysis, and thank you all.
To all my dear friends and colleagues, first of all, I wish you health and success in your goals.
Mehdi Abbasi with the nickname (Mr. Nobody)
Looking for shorts in Gold.If the market breaks this support,all my conditions for a short trade would be set and it would be a RR 1:1
Gold trading - short or none trade. Sallers dominance Futures contracts for gold are under selling pressure. Analyzing the cumulative volume with Wyckoff Wave, it is evident that the selling pressure is strong enough for gold to reach the last support level. In my opinion, it's either a Short position or no trades at all.
ChatGPT
Wyckoff Wave Volume (Cumulative Volume): Cumulative volume analysis is a market analysis method proposed by Richard D. Wyckoff. It involves tracking the total trading volume over a specific time period and interpreting whether the volume is increasing (indicating strength of trend) or decreasing (indicating weakening of trend).
Selling Pressure on the Gold Market: You argue that the Wyckoff Wave cumulative volume indicates strong selling pressure in the gold market. This suggests a high volume of selling transactions, which may imply a downward trend in gold prices.
Support Level: You suggest that volume analysis indicates gold could fall to the last support level. Support levels are historically price points that attract buying interest and can halt price declines, unless breached.
Your Market Approach: Your conclusion is that due to strong selling pressure, one should consider a short position on gold or refrain from trading altogether to avoid risk.
For more details visit volumedaytrader.com
Short GC @ 2249 on AbsorptionGC is in a converging triangle here and I think after the large selloff from Friday has more room to the downside before finding a bottom. There is a lot of resting liquidity at 2349 plus the psychological level of 2350.
I am thinking that GC rallies up to this area before being shorted back down again and finding a new bottom. Stop loss at 2353 and take profit at 2341 for a 2:1 RR.
Long in GOLDAfeter a big fall last week the market consolidated and now gives me all my conditions for a long position after it cross the last high
GOLD COMEX - Intraday Levels - 24th June 2024if Sustain above 2340.8 then 2349.1 to 2352.2 above this bullish then 2358.3 to 2360.5 then 2369 to 2370.3 tabove this more bullish
if Sustain Below 2331.3 then 2325.8 below this bearish then 2312.3 or 2311.0 Strong level then 2303.7 to 2299.8 below this more bearish then 2295.4 to then 2287.5 to 2285.3 then 2283.1 then 2279.3 then 2275.5 to 2272.9
Consider some buffer points in above levels.
Please do your due diligence before trading or investment.
**Disclaimer -
I am not a SEBI registered analyst or advisor. I does not represent or endorse the accuracy or reliability of any information, conversation, or content. Stock trading is inherently risky and the users agree to assume complete and full responsibility for the outcomes of all trading decisions that they make, including but not limited to loss of capital. None of these communications should be construed as an offer to buy or sell securities, nor advice to do so. The users understands and acknowledges that there is a very high risk involved in trading securities. By using this information, the user agrees that use of this information is entirely at their own risk.
Thank you.
6/23 | $GCPretty clean consolidation pattern here every since making a new ATH. Looking for price to retrace into my 3H demand zone (Green box) to buy around $2300.
Something slight check out some of my ideas. also I don't take every trade idea that you see here
these are assumptions before price action completes and confirms. The point of my ideas is try to predict price action everyone knows that's next to impossible but I'm having fun.
I am not a professional trader nor am I technical . all ideas are based on what I understand price to be. when I see certain confluences that fits my trading strategy I then look for my opportunity to enter trades.
to many egos here. we are all independent traders navigating the market. happy trading
GC1: Sell ideaSell idea on GC1 as you see on the chart after the breakout with force the vwap and the support line by a big red candle follow by a large red volume.
GC Gold longtesting my alogo signal for Gold. This Double Top makes me cautious of a BUY. Also the algo has won the last 10 trades and usually has 8 trade win before a loss. Either way Ill take the signal. This signal was on a 5m chart but TV wont let me post the low TF idea.
Commodities comparisonHere's a 1-day chart, Q2 2024 view, commodities comparison with the tickerTracker MFI oscillator set to RSI length 7:
Gold GC1! - bright orange
Copper HG1! - dull orange
Silver SI1! - light gray
Palladium PA1! - darker gray
Platinum PL1! - white gray
Corn ZC1! - yellow
Soybean ZS1! - green
Lumber LBR1! - brown
Wheat ZW1! - brown yellow
Oil CL1! - black blue
Gas NG1! - white
China Halt Buying Gold - Time to sell? But when to buy again?Is there still demand for gold by central banks around the world, and is gold heading for a correction?
We will look into some data on the central banks' interest in this precious metal and discuss how to trade gold during this period.
Micro Gold Futures & Options
Ticker: MGC
Minimum fluctuation:
0.10 per troy ounce = $1.00
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CME Real-time Market Data help identify trading set-ups in real-time and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
