Gold Coming at a Important Price Level
Gold is Giving Contradicting Signals at The Moment :
Bullish Case :
1. COT Reports are Bullish
2. Weekly Momentum is Still Bullish
Bearish Case :
1. Decline on Daily Chart Looks 5 Wave
2. Daily Momentum is Still Bearish
What to do then?
1. On Weekly Charts 1650-1675 Area is Very Crucial- It has horizontal solid Support Line, My Channel Bottom and 200 week MA support
2. It may just go Below 1670 to complete ABC Structure
3. So watch this area carefully - Make or Break for gold
4. BUT looking at COT Reports, i will be biased for Longs and wait for Daily Momentum to turn UP.
Bullish Case :
1. COT Reports are Bullish
2. Weekly Momentum is Still Bullish
Bearish Case :
1. Decline on Daily Chart Looks 5 Wave
2. Daily Momentum is Still Bearish
What to do then?
1. On Weekly Charts 1650-1675 Area is Very Crucial- It has horizontal solid Support Line, My Channel Bottom and 200 week MA support
2. It may just go Below 1670 to complete ABC Structure
3. So watch this area carefully - Make or Break for gold
4. BUT looking at COT Reports, i will be biased for Longs and wait for Daily Momentum to turn UP.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.