Gold Possible Drop incoming
I believe gold is likely to continue lower, Let me explain why>
Based on this image you see here, gold has been stumbling about this level for quite some time, at least 4 days. Due to the fact that it appears to be a "support" I am thinking that there might be buyers trapped in buys or at the very least induced to buy at this level.
Which means stop losses of same said buyers would likely be below this (cyan level) See image below.
Now gold is a bullish market overall, on the monthly timeframe.
Which means buys are likely the overall play but in order for gold to go up it needs liquidity (energy) to do so, how does a market get liquidity? By stopping out traders from the opposing direction.
This can be further possibly be confirmed by paying attention to the way the last 3 monthly candles have formed and closed
The way the market is behaving at this high I believe that it is suggesting that it is rejecting the high which also suggests sells.
So far so good right?
The monthly and weekly timeframe do not add anything to my analysis so I will skip them both.
The 4 hour timeframe shows where price heavily pushed out and up away from the consolidation, this was also during and around NFP and after FOMC. If it were going to buy, it would continue to buy right? But if we pay attention to the last few candles I think you'd agree with me in saying that bearish momentum is actually increasing, no? Why would bearish momentum increase if buys are incoming?
The 1 hour suggests rejection to this same (cyan level) but it is staying at and around this level for quite some time, if it were rejecting, why is it staying there for so long? Who is it really trying to induce?
The 30, 15 and 5 minute timeframes do not add anything to this analysis so I will skip.
The 1 minute timeframe shows a gigantic drop with price halting at and around the (cyan level) why? Price is again sticking around this area, which suggests buys to the greater population of traders but every time I bought today, the market barely went up.
I was fortunate enough to end my trading day at a net positive
but the buy feels very sketch for me personally.
I believe Gold will continue to drop before the buy actually presents itself
I am going to the 15 minute timeframe to show what I think is likely to occur. This is what I believe can happen.
Boost the post if you agree with my analysis.
Based on this image you see here, gold has been stumbling about this level for quite some time, at least 4 days. Due to the fact that it appears to be a "support" I am thinking that there might be buyers trapped in buys or at the very least induced to buy at this level.
Which means stop losses of same said buyers would likely be below this (cyan level) See image below.
Now gold is a bullish market overall, on the monthly timeframe.
Which means buys are likely the overall play but in order for gold to go up it needs liquidity (energy) to do so, how does a market get liquidity? By stopping out traders from the opposing direction.
This can be further possibly be confirmed by paying attention to the way the last 3 monthly candles have formed and closed
The way the market is behaving at this high I believe that it is suggesting that it is rejecting the high which also suggests sells.
So far so good right?
The monthly and weekly timeframe do not add anything to my analysis so I will skip them both.
The 4 hour timeframe shows where price heavily pushed out and up away from the consolidation, this was also during and around NFP and after FOMC. If it were going to buy, it would continue to buy right? But if we pay attention to the last few candles I think you'd agree with me in saying that bearish momentum is actually increasing, no? Why would bearish momentum increase if buys are incoming?
The 1 hour suggests rejection to this same (cyan level) but it is staying at and around this level for quite some time, if it were rejecting, why is it staying there for so long? Who is it really trying to induce?
The 30, 15 and 5 minute timeframes do not add anything to this analysis so I will skip.
The 1 minute timeframe shows a gigantic drop with price halting at and around the (cyan level) why? Price is again sticking around this area, which suggests buys to the greater population of traders but every time I bought today, the market barely went up.
I was fortunate enough to end my trading day at a net positive
I believe Gold will continue to drop before the buy actually presents itself
I am going to the 15 minute timeframe to show what I think is likely to occur. This is what I believe can happen.
Boost the post if you agree with my analysis.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.