After breaking higher highs, we can see that the market is set to make a change of direction in trend. That is because of the Bearish engulfing bar present which is very powerful candlestick pattern. Coming back to the Daily Time Frame, we can see that price has broken a demand area which was acting as support and now is in verge of a retest to that area turning it into resistance. And one thing that is very important to note is that, that level of support now turned resistance is aligning with 50% retracement. Trying to buy gold now as some are doing will be very risky, because it means you are buying on a daily resistance. \buying should be made on supports levels. And at the same time, according to the COT data, GOLD's net positions has slightly being decreasing over the days.. So the best is to remain on the Seller's side, cause it is more safe.
If the situation changes, then i will make an update and see how we can approach the new situation
And too, while we look at the lower time frame (H4), we see a clear deceleration in price Ascending wedge. Trading is reactive and Predictive. SO if price will show us a clear change of trend (bullish to bearish on H4, then we will continue taking the short to the next level probably 1808
If the situation changes, then i will make an update and see how we can approach the new situation
And too, while we look at the lower time frame (H4), we see a clear deceleration in price Ascending wedge. Trading is reactive and Predictive. SO if price will show us a clear change of trend (bullish to bearish on H4, then we will continue taking the short to the next level probably 1808