GOLD - Where we stand
Its important to keep an eye on Gold for a broader understanding of what is going in the Markets. We have an interesting profile setup from 2020. A strong demand/accumulation zone between 1680-1750, and a large acceptance zone between 1850-1970(2000ish). Since we topped in early August, we've had choppy sideways consolidation in what could be a pause before resuming further break to the upside.
What to look for-
- A break lower, look for buying opportunities around that demand area. BUT - we've already had a liquidity squeeze lower in November, so another downward break out of this forming triangle would be negative, and therefore buyers should be careful as we could get a bigger squeeze down(meaning- dont get cleaned out trying to call a bottom :) !!
- From here, we are seeing some daily wicks posting, showing what could be some short term buying interest. This would be confirmed with a move back towards that down trend line. Price though is trading in last years acceptance value area, therefore expect choppy action with wide swings (don't get too excited).
- The supply area around 1920-2000 has been tested several times and a great place to fade rallies..I would start getting excited if price retests this area..and consolidates around there..That would be a clear signal that those sellers are done, and its time for a breakout higher.
Overall Gold at the moment is not the best trading opportunity if ur looking for clear moves backed by momentum and conviction. BUT nevertheless, its important to keep an eye on it, as sideways markets turn into breakouts, and thats wen the big opportunities are cashed in.
What to look for-
- A break lower, look for buying opportunities around that demand area. BUT - we've already had a liquidity squeeze lower in November, so another downward break out of this forming triangle would be negative, and therefore buyers should be careful as we could get a bigger squeeze down(meaning- dont get cleaned out trying to call a bottom :) !!
- From here, we are seeing some daily wicks posting, showing what could be some short term buying interest. This would be confirmed with a move back towards that down trend line. Price though is trading in last years acceptance value area, therefore expect choppy action with wide swings (don't get too excited).
- The supply area around 1920-2000 has been tested several times and a great place to fade rallies..I would start getting excited if price retests this area..and consolidates around there..That would be a clear signal that those sellers are done, and its time for a breakout higher.
Overall Gold at the moment is not the best trading opportunity if ur looking for clear moves backed by momentum and conviction. BUT nevertheless, its important to keep an eye on it, as sideways markets turn into breakouts, and thats wen the big opportunities are cashed in.
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