Technical Overview: - Gold $2000 Price target šÆ We know after every impulse leg, we need the correction. After heavy selling pressure coming in from fundamentals caused by NFP, price needs to correct. This is the nature of the market, before the next move the devil likes to accumulate orders on both sides of the market. We can see from a 4h perspective we had a retail small mini trend that many people had bought in/sold in This alone made this so called ātrend lineā a liquidity line Meaning there is a lot of sell and buy order accumulated within this pattern. Last Friday, Jan 8, 2021 This was a NFP day. In our prior weekly analysis, we discussed our bullish case for XAU/USD however, last week we didn't get the move to the upside that we were expecting and that's completely normal as we are not the market makers, we are the devil followers. Meaning we don't set the prices for the market, we flow with it. We need to keep in mind, the devil doesn't want anybody on their tail, and will shake out all retail traders before the new impulse. Letās take a shot with a market and cheers to more dipsš„
Our analysis is a sentiment for the upcoming week, month. Use this as a weather forecast, you are the person that has to put on a jacket when itās raining. Trade this sentiment based off your own entry strategy at the right time.
Flow with the Devil š Trade with the manipulationš¾
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Gold following our bias, we are still in bearish momentum from smaller time frame, considering the fact that we are in a super oversold area, this is still the first move of the week and price is still showing bearish intent on the smaller time frames meaning we may take out the low we just made before the actual move to the upside. We do not trade Sunday, let the market chill and we jump inš Trade your own strategy and remember analysis is only one piece of the puzzle Will keep updated on XAU/USD mostly as it is one of our favorite pairs to trade!š„