2024-09-24 - priceactiontds - daily update - gold

Good Evening and I hope you are well.

tl;dr
Gold - Bull channel from my weekly update was not steep enough. 2700 next. Only look for longs. Can’t stop, won’t stop.


comment: Gold broke above my drawn patterns, again. Unreal strength but not unexpected. In my weekly I wrote you should only look for longs. How high can this get? 2700 is almost a given at this point and big round numbers are always decent for a pullback or some stalling. Any long would need a stop 2645 as of now. Can wait for pullbacks to long this. last 10 days has 1 bear bar. Don’t try to be smarter than the market and short it. Although it’s becoming climactic and a pullback is expected, it can go further, so don’t pick tops.

current market cycle: bull trend

key levels: 2645 - 2700

bull case: Bulls in full control. New low would be below 2645 and that’s far away. I look for pullbacks near ema to long it.
Invalidation is below 2540.

bear case: Bears want a pullback but will probably have to wait for 2700 now. Best they currently get is to stall the market and make it go sideways. I expect this around 2700 next. There is absolutely no reason to look for shorts on this.
Invalidation is above 2710.

short term: Max bullishness.

medium-long term: Very strong breakout above, again. Market currently has no ceiling. Most likely 2700 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

trade of the day: Buying 2650. There were 4 chances where market clearly showed support around that price. Don’t long the first touch of such levels but above the second is good.