5 things you need to know before trade the gold this week.
1 Elliott Wave
The price is in the Corrective Zigzag wave C with the subwave (4) of C Short opportunity when breaks below Friday's low at 1889. If the price goes beyond 1932 then the Long bias to be applied.
2 CFTC Commitments of Traders
Smart Money still hold long 3 times than short positions indicates the long bias in mid-term and longer time frame, They closed a considerable amount of short position between 23-29 September report which means they have taken some profit of the down leg.
3 Volume Profile
1903$ is the most trade level of previous leg down. So, it should be the important resistant level.
4 Price Action
Resistance: 1903 - 1917
Support: 1880
.
5 Nothing is certain
.
For example, the news about Donald Trumps Covid-19 infection has impacted the gold price to jumped almost 30$ on last Friday. So, every order should be carefully planned and execute with stop loss level and proper amount of position sizing.
The price is in the Corrective Zigzag wave C with the subwave (4) of C Short opportunity when breaks below Friday's low at 1889. If the price goes beyond 1932 then the Long bias to be applied.
2 CFTC Commitments of Traders
Smart Money still hold long 3 times than short positions indicates the long bias in mid-term and longer time frame, They closed a considerable amount of short position between 23-29 September report which means they have taken some profit of the down leg.
3 Volume Profile
1903$ is the most trade level of previous leg down. So, it should be the important resistant level.
4 Price Action
Resistance: 1903 - 1917
Support: 1880
.
5 Nothing is certain
.
For example, the news about Donald Trumps Covid-19 infection has impacted the gold price to jumped almost 30$ on last Friday. So, every order should be carefully planned and execute with stop loss level and proper amount of position sizing.