Gold rebounded from weekly structure with daily supply ahead

Obviously, the weekly structure worked very well and we can see price rebounded yesterday leaving no pullback entry opportunity on smaller timeframes, say 60m.

In my opinion, it is just a rebound, and gold is likely to meet strong selling pressure around 1744-1757 where it's confluence with MAs, daily downtrend line and weekly flip zone.

My trade plan is as below:

1. bullish long setup: pull-back long around key zones, e.g. 1705-1707, however, the key zones change dynamically. We ride on the short-term long momentum wave until it hit key trouble zones(1744-1757)

2. bearish short setup: if price moves up with no pullback, we look for bearish short setup around key trouble zones(1744-1757)

My mid-term view is bearish for gold unless it goes sideways for 20-30 days. Because that will make my three MAs assemble and create possible long opportunities on daily.

تعليق:

The below chart is 1H. The momentum is pretty strong to the upside. will see if trouble zone holds.

تعليق:

Price got response to the trouble zone, but I need it to close below the trouble zone with bearish patterns. I'm still waiting.

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Now, the 60m structure has been terminated. I got bearish sign.

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It's not a 1 to 3 trade. Daily zone is about to be conquered. Price is likely to test the 1764 inside the weekly zone that we need to pay attention to.

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Fake breakout with key zone on 60m hold. It's same low and what I'm expecting is lower low. Price may bounce back from the level. Short setup is way above the current price.

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lower low created, more room to the downside.

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Okie. Market changes fast. Now the downtrend line as well as the key structure marked in yellow color both were violated. I set alert around 1750 to check if the zone drawn will work.