#202440 - priceactiontds - weekly update - gold futures
Good Evening and I hope you are well.
tl;dr
gold: 2700 proved to be a good spot for a pullback, which should go a bit lower than 2668. Breakout price 2630, daily 20ema or the bull trend line around 2620 are all valid targets for the bears. We will only know the strength of the pullback once we know where bears sell it again, so we can draw proper support and resistance trend lines. Right now I think bears should not let it get above 2695 or market will go more sideways instead of a deeper pullback. It’s still max bullish until bears print below the daily ema again.
Quote from last week:
comment: Bulls hit 2700 as expected and we pulled back some. I do expect this pullback to become a great buying opportunity but I don’t know how far down bears can get it. Obvious magnets are the breakout price 2630, daily 20ema or the bull trend line around 2620.
current market cycle: Bull trend
key levels: 2600 - 2710
bull case: Bulls want the pullback to be very shallow and mostly sideways. Anything above 2640 would be max bullish and an amazing buying opportunity. Not much else to tell you, since bears are having a really hard time making money in Gold. Look for longs.
Invalidation is below 2600.
bear case: Bears need to print some consecutive bear bars to have some arguments on their side again. They have many mentioned targets below but as of now, all of them are far aways for them. Biggest pullback last week was 50ish points and market already pulled back 43. Not sayin we can’t drop further but looking for shorts is currently a painful experience in Gold.
Invalidation is above 2710.
outlook last week:
→ Last Sunday we traded 2646 and now we are at 2668. Only 24 point difference to last week but wrong outlook anyhow. Bulls are insanely strong.
short term: Neutral and I will only look for longs in Gold. If bears show strength, I might try a small short scalp and hope for 2630 or lower and then I wait for bulls to come around again. Making money on the long side here is the way to go.
medium-long term - Update from 2024-09-22: Very strong breakout above, again. Market currently has no ceiling. Most likely 2700 next and I do think 3000 could be a potential target if we continue. There is certainly an argument for a measured move based on the bull rally from 2018-08 to 2020-08.
current swing trade: None
chart update: None
tl;dr
gold: 2700 proved to be a good spot for a pullback, which should go a bit lower than 2668. Breakout price 2630, daily 20ema or the bull trend line around 2620 are all valid targets for the bears. We will only know the strength of the pullback once we know where bears sell it again, so we can draw proper support and resistance trend lines. Right now I think bears should not let it get above 2695 or market will go more sideways instead of a deeper pullback. It’s still max bullish until bears print below the daily ema again.
Quote from last week:
comment:I always think about wrong outlooks much more than about right ones. In this case, was the “no interest in buying this high“ the right call here and I would come to a yes in every scenario. Of course it was wrong and market made another 50 points but risk reward was so off, not taking it was the right move for me. Anyhow. Bulls confirmed another bullish structure and we have a bull wedge inside a very bullish channel upwards.
comment: Bulls hit 2700 as expected and we pulled back some. I do expect this pullback to become a great buying opportunity but I don’t know how far down bears can get it. Obvious magnets are the breakout price 2630, daily 20ema or the bull trend line around 2620.
current market cycle: Bull trend
key levels: 2600 - 2710
bull case: Bulls want the pullback to be very shallow and mostly sideways. Anything above 2640 would be max bullish and an amazing buying opportunity. Not much else to tell you, since bears are having a really hard time making money in Gold. Look for longs.
Invalidation is below 2600.
bear case: Bears need to print some consecutive bear bars to have some arguments on their side again. They have many mentioned targets below but as of now, all of them are far aways for them. Biggest pullback last week was 50ish points and market already pulled back 43. Not sayin we can’t drop further but looking for shorts is currently a painful experience in Gold.
Invalidation is above 2710.
outlook last week:
short term:Neutral. I won’t be buying 2646. Need a pullback.
→ Last Sunday we traded 2646 and now we are at 2668. Only 24 point difference to last week but wrong outlook anyhow. Bulls are insanely strong.
short term: Neutral and I will only look for longs in Gold. If bears show strength, I might try a small short scalp and hope for 2630 or lower and then I wait for bulls to come around again. Making money on the long side here is the way to go.
medium-long term - Update from 2024-09-22: Very strong breakout above, again. Market currently has no ceiling. Most likely 2700 next and I do think 3000 could be a potential target if we continue. There is certainly an argument for a measured move based on the bull rally from 2018-08 to 2020-08.
current swing trade: None
chart update: None
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