GOLD UPDATE!!!
From my previous analysis on GOLD, I said we need to wait the proper break through on the strong support level then only can look for the short opportunity even the price already broke below the CTL, and now the price exactly break the strong level of the support, is time to looking for the potential short opportunity on the GOLD.
From the technical view:
1. From the Monthly perspective, the price created an impulse to the upside without any proper retracement, now we can expect a deeper retracement to at least 38.2 FIB Retracement taken on the monthly impulse.
2. From the Weekly perspective, we have more bearish break through at the moment. Therefore, further downside is expected.
3. From the Daily perspective, the price broke below the CTL and strong level of the support, now we can wait for the retest on the new resistance level and find the short opportunity.
From the fundamental view:
1. Big players bullish bias on GOLD in both LT and ST
2. In the today new report, massive amount of the long and short positions were closed, which are 14k and 13k respectively. but the net position and long exposure still indicating bullish , but from the technical view is indicating bearish , therefore we only can rely on the TA.
How to approach GOLD?
1. Waiting for the proper retest on the new resistance level . After that we can looking for the short opportunity on the lower timeframe, if your rules of the strategy are fulfilled.
2. Just short when the market open is not a good idea, because you will miss out your area of the value.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on GOLD or which pairs you would like to me analyze in the future.
Kindly visit my profile and get more free analysis every single day.
From the technical view:
1. From the Monthly perspective, the price created an impulse to the upside without any proper retracement, now we can expect a deeper retracement to at least 38.2 FIB Retracement taken on the monthly impulse.
2. From the Weekly perspective, we have more bearish break through at the moment. Therefore, further downside is expected.
3. From the Daily perspective, the price broke below the CTL and strong level of the support, now we can wait for the retest on the new resistance level and find the short opportunity.
From the fundamental view:
1. Big players bullish bias on GOLD in both LT and ST
2. In the today new report, massive amount of the long and short positions were closed, which are 14k and 13k respectively. but the net position and long exposure still indicating bullish , but from the technical view is indicating bearish , therefore we only can rely on the TA.
How to approach GOLD?
1. Waiting for the proper retest on the new resistance level . After that we can looking for the short opportunity on the lower timeframe, if your rules of the strategy are fulfilled.
2. Just short when the market open is not a good idea, because you will miss out your area of the value.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on GOLD or which pairs you would like to me analyze in the future.
Kindly visit my profile and get more free analysis every single day.
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