Good day Traders !!
Weekly : We have retraced all the way to the last level of the Fib retracement and broke below it , retested it and continued our way to the downside.
When we look at the structure the market is printing Lower Highs and Lower Lows through a downtrend channel. We have Two scenarios possible right now : either we are going to grab the liquidity for the big impulse that we expect from the 1740 Area before dropping, Or we will immediately drop and reach to the next demand zone before looking at any kind of retracement.
From an institutional perspective we have on Gold a massive drop of the Net position since we went from 280,000 Net position back in early January until 190,000 on the last report that was posted last Friday.
Also during the last four report institutions have added a lot of short position and closed close to 50,000 Long position. This is a sign of the very bearish move that is expected.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
Weekly : We have retraced all the way to the last level of the Fib retracement and broke below it , retested it and continued our way to the downside.
When we look at the structure the market is printing Lower Highs and Lower Lows through a downtrend channel. We have Two scenarios possible right now : either we are going to grab the liquidity for the big impulse that we expect from the 1740 Area before dropping, Or we will immediately drop and reach to the next demand zone before looking at any kind of retracement.
From an institutional perspective we have on Gold a massive drop of the Net position since we went from 280,000 Net position back in early January until 190,000 on the last report that was posted last Friday.
Also during the last four report institutions have added a lot of short position and closed close to 50,000 Long position. This is a sign of the very bearish move that is expected.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
