#202443 - priceactiontds - weekly update - gold futures
Good Evening and I hope you are well.
tl;dr
gold: Clear two legged pullback on the 4h chart. Could be enough for the bulls to take control again and go for 2800 on Monday/Tuesday. If they fail below 2780 again, we could see a more complex pullback down to 2700. Market is clearly still max bullish and I doubt we see better selling until we hit 2800 or even 3000.
Quote from last week:
comment: Minor pullback by the bears but they can not get follow through selling and that is why we can only conclude higher prices. We are trading near the top of the bull channel but we can just continue to do so until we hit 2800, which is my next upper target. I do think around 2800 we will see some bigger profit taking.
current market cycle: very strong bull trend (trade the channel until it is clearly broken)
key levels: 2650 - 2800
bull case: All arguments are on the bull side, again. 2800 is the target. Anything below 2680 would surprise me. I don’t expect much interest from buyers above 2800 though.
Invalidation is below 2680.
bear case: Bears got nothing. Again. Daily 20ema is at 2700 and the lower bull channel line is not far from that. If bears get there before 2800, that would surprise me and I do not think those two supports have a decent chance of being broken. If they somehow manage to do so, 2620 would be the next support. I do not have any bearish thoughts about this market until we see 2800 and then much more sideways movement to conclude that market found resistance.
Invalidation is above 2820.
outlook last week:
short term: Bullish for 2800+
→ Last Sunday we traded 2730 and now we are at 2754. Meh outlook. Still not 2800 but we are probably getting there next week.
short term: Bullish for 2800. Again.
medium-long term - Update from 2024-09-22: Very strong breakout above, again. Market currently has no ceiling. Most likely 2800 next and I do think 3000 could be a potential target if we continue. There is certainly an argument for a measured move based on the bull rally from 2018-08 to 2020-08.
current swing trade: None
chart update: None
tl;dr
gold: Clear two legged pullback on the 4h chart. Could be enough for the bulls to take control again and go for 2800 on Monday/Tuesday. If they fail below 2780 again, we could see a more complex pullback down to 2700. Market is clearly still max bullish and I doubt we see better selling until we hit 2800 or even 3000.
Quote from last week:
comment: Bullish it was and still is. 2800 is the next big target to hit. After 4 very strong consecutive bull bars, you can not hold a bearish thought while the market makes daily new ath. Two upper bull trend lines are still to hit, one of them leads to 2760 and the other to 2800. On the monthly chart we are in a 8 month micro channel upwards without any selling pressure. At some point market will pull back more and we will see a correction but until we see much greater selling pressure, we can not trade on hope.
comment: Minor pullback by the bears but they can not get follow through selling and that is why we can only conclude higher prices. We are trading near the top of the bull channel but we can just continue to do so until we hit 2800, which is my next upper target. I do think around 2800 we will see some bigger profit taking.
current market cycle: very strong bull trend (trade the channel until it is clearly broken)
key levels: 2650 - 2800
bull case: All arguments are on the bull side, again. 2800 is the target. Anything below 2680 would surprise me. I don’t expect much interest from buyers above 2800 though.
Invalidation is below 2680.
bear case: Bears got nothing. Again. Daily 20ema is at 2700 and the lower bull channel line is not far from that. If bears get there before 2800, that would surprise me and I do not think those two supports have a decent chance of being broken. If they somehow manage to do so, 2620 would be the next support. I do not have any bearish thoughts about this market until we see 2800 and then much more sideways movement to conclude that market found resistance.
Invalidation is above 2820.
outlook last week:
short term: Bullish for 2800+
→ Last Sunday we traded 2730 and now we are at 2754. Meh outlook. Still not 2800 but we are probably getting there next week.
short term: Bullish for 2800. Again.
medium-long term - Update from 2024-09-22: Very strong breakout above, again. Market currently has no ceiling. Most likely 2800 next and I do think 3000 could be a potential target if we continue. There is certainly an argument for a measured move based on the bull rally from 2018-08 to 2020-08.
current swing trade: None
chart update: None
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