GOLD, will we see a pullback this week?

So far gold dropped nearly 8% from the new ATH without any significant pullback, bringing a lot of money to market makers, who created the fake move.

At some point a pullback should happen, but it's hard to tell when. The first structure support at 2000 was already violated today and we reached to 50% retracement within a really short period of time considering how long the move up took (which was also impulsive in my mind).

According to my last analysis I am still waiting for a correctional B wave to be formed, which would make it possible for us to
1. Get a short position.
2. Calculate timing and goal for a possible wave two target area.

At this point it is impossible to tell where a wave B could find it's highest point, but there are important resistance areas to mention:
2004 - 2010, 2028 - 2033 and 2044 - 2052

Only a price close above 2080 can form an impulse for higher prices.

The support areas for buying a possible pullbacks are:
1971 - 1977 and 1932 - 1939

We already reached the first support, having a confluence with the 50% fib retracement.

การซื้อขายยังคงดำเนินอยู่:

BUY @1976
SL 1965
TP 2000, 2020

ปิดการเทรด ด้วยตนเอง:

There will be CPI data later, so it might be good to close some of the positions from 1976 here with a profit of 120 Pips.

ปิดการเทรด: ถึงเป้าหมายการทำกำไร:

2000 reached!

ความคิดเห็น:

Maybe the next short move will start from here, but there are also chances to get back above the 2K level to retest the new ATH somehow.

ปิดการเทรด: ถึงเป้าหมายการทำกำไร:

2020 reached. This could extend to 2050 also. Holding some positions.

ความคิดเห็น:

This analysis made a profit of 600 Pips so far, hope you got some of them :)
Risk has been 110 Pips, so also a very good risk to reward ratio.

Maybe there will be one more wave to go long and reach the final targets of 2050 and 2060.

ความคิดเห็น:

As you can see the second resistance area was reached nicely and the price was rejected just from the above key level of 2040. Only if we see a breakout above the current area (2038), a rise until 2050-2070 is expected. A break below will most likely form pullback to 2020 to collect more liquidity.

ความคิดเห็น:

Very strong bullish volume again. If we directly go to the next area, I will look for a short position.

Strong resistances can be found at 2051, 2067 and 2071.

ความคิดเห็น:

Next structure zone is getting testet. I expect a retest of 2030 as the next step.

ความคิดเห็น:

2030 retest complete. Hope you found a nice spot to sell.

ความคิดเห็น:

Remember the resistance areas I mentioned:
2004 - 2010, 2028 - 2033 and 2044 - 2052

We have seen a reaction at every single area, but finally only 2044-2052 was able to stop the move. From this point I see two options for the price to develop. The bearish move could start from the actual resistance 2044 - 2052 or we could see another wave to the next resistance area around 2067 - 2072.

ความคิดเห็น:

It looks like we are going to hit 2055-2070 soon. As I said I will look for a shorting position in this area.

ความคิดเห็น:

If today's candle closes bearish it should be a sell too. Let's see.

ความคิดเห็น:

Observe that key resistance at 2046. It can be a tripple top perspectively.

การซื้อขายยังคงดำเนินอยู่:

Gold was rejected from the strong resistance area for the third time, forming a potential tripple top pattern. I will open my first short position here. If the mentioned area 2044-2052 will be broken it will go directly to 2067 - 2071, so I use 2052 as my SL level. If you want to hold it tight, you could use 2046 instead.

Profit taking levels are 2000, 1950, 1920

ความคิดเห็น:

Price managed to break 2046 and is now facing resistance at 2050. A move above should continue to the trend to around 2060-70 where the main resistance is. Only a move above 2080 will open higher price targets. Still looking to short here.

ความคิดเห็น:

The first short attempt failed, but the price stopped at 2055 because of a trendline. I will try again from here and if this level won't hold from 2070.

ความคิดเห็น:

Gold is very close to 2070, where I expect the long trend to finally end. Let's see.

ความคิดเห็น:

So far, shorting from 2070 brought an nice profit. There is a chance, that the resistance will be tested again before the huge sell of.

ความคิดเห็น:

As you may noticed I didn't update here because I took christmas holidays with the family. Unfortunately Gold didn't react from the mentioned level and reached its highest point at 2088. I still think that the trend is about to end very soon and we may reached the top of a large B wave.

As this analysis was a long idea and the price of gold reached every single target and even extended more, I hope you were able to catch some moves. I would like to show you my short idea in a new idea post, so check my TV channel for updates.