Hello Traders Investors And Community, welcomt to this analysis where we are looking at GOLD 2-hour timeframe perspective, the recent events, the current formational structure, what we can expect the next times and how to handle the situation. As GOLD provided a massive bull market to the upside with heavy volatile bullish moves we should not be naive and expect it to go on forever as the market is oversold the logical follow-up normally after such phases is minimum a correction when not bigger pull-back, therefore we should not keep the bearish scenario by side and look at the current circumstances to wage possibilites in the right manner. In this case I detected some important signals in the current situation which will determine GOLDs outcome.
Looking at my chart you can watch there that GOLD is building up this rising-triangle-formation which is in the most cases a bearish formation which shows outcomes to the downside and continuation ahead, as the price already confirmed below the lower boundary which is marked in blue in my chart this gives the current price-action another confirmational bearish edge. All these signs giving a higher possibility for continuation to the downside till there is solid support found which is firstly the 100-EMA you can watch marked in red in my chart where GOLD can stabilize and reverse to continue with its upside course, when this does not happen and GOLD falls below the next crucial support will be between the 1975 and 1980 level marked in orange.
Taking all these factors into consideration we can come to the conclusion that GOLD can defnitely provide continued bearishness on the short-term but that does not mean GOLD is completely bearish further only when it does not manages to hold important mentioned support bases and falls below them there can come more bearish pressure and continuation to the downside till then the bearishness remains only on the short-term-perspective. But the estbalished bearishness and follow-up should not be ignored as it can also increase in such environments. In this case it will be highly important to look further and see what GOLD will do when it arrives on the remaining support bases to test them and if there is bearish continuation ahead or a reversal in the range.
In this manner, thank you for watching, support for more market insight and have a good day! “Trading effectively is about accessing possibilities, not certainties.”
Information provided is only educational and should not be used to take action in the markets
Yorum
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GOLD pulled back off the wedge-resistance to continue with bearish alignements to reach out all of the target-zones. ✔
Yorum
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ANALYSIS UPDATE: The GOLD price-action completed the whole ascending triangle with a massive bearish momentum to reach out to the final target-zones. ✔
Yorum
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ANALYSIS UPDATE: Since these dynamics the GOLD price-action altered and new developments occurred. Updates can be found in my account.
@meeturvish, Thank you, great to hear it, you are welcome.
saifskhan1987
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Excellent analysis Vince! I just saw it! I wish I had seen it yesterday :) I tripled my portfolio by entering @USD 2021 in the later hours yesterday! Bang on the support level! Jumped right back from 2015. Now going forward since there was recovery upto USD 2036, what do you expect in the next few days? My expectation is that it will grow back and continue the upward momentum.
VincePrince
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@saifskhan1987, Hi, thank you for the interesting comment, you are welcome, currently, some solid supply entered the market, therefore, it is important to hold the mentioned levels and recover otherwise new pressure can follow, we will see how this is showing up the next times. Greetings.
saifskhan1987
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@VincePrince, Another thing is that the US Fed plan has fallen through because the democrats and republicans couldn't come to an agreement, and Trump has used executive authority to bring back the weekly pay (USD 400 against the USD 600) do you think this will over again throw down the Dollar? Dollar rose because of fears of US - Sino escalation, but politically I dont think the republicans can afford to spark further tensions with China which will hurt the economy considering that elections are just around the corner and tensions will blast the economy and hurt the Trump supporter base more. So if USD goes back down in light of the additional liquidity then its likely that Gold will continue its rally despite the technical indicators. What do you think??