Ranging Gold Market
Hey guys, I trust you are in good health and enjoying your weekend with your loved ones.
An interesting week we had and more interesting weeks ahead, with volatility growing each day as we head into spring 2021. This spring season is extra important, as most developed countries have been vaccinating their people and the expectation is that these economies can get out of their lockdowns soon & governments can make up the balance of the damage. These events will have a major impact on markets - the equities and goldmarket in particular.
On the technical side, we have a nice inverse H&S pattern on the daily chart with targets 1785 (38.2 fibo retracement level from 1960) and 1805 (gap closure). Also the daily RSI is above 50 since months and the latest COT is superbullish with an increase in net long positions of +22k contracts.
The daily chart is currently in a bullchannel. Bears want this bullchannel to turn into a bearflag targeting 1680 and 1650 from the supply zone. If bears succeed to bring the price to 1650, they will have a break of the April 14th 2020 low and more downside is expected in the goldprice with potential bearish targets 1550 and 1450. Ofcourse before that, bulls will try to turn 1680 into a triple bottom, if they succeed they will have setup a major support zone which will function as a platform for a potential rocket to 2100.
For the coming week I am planning to buy the 1735-1740 zone with targets 1785 & 1805 and will start selling after the gap gets closed. We might go a bit higher around 1808. For the gaptraders it is important to know that the gap indicates a supply zone, so I am expecting strong bearish PA after the gap gets closed. I will be looking to rebuy the 1680 zone with targets 1820 & 1850 (50 & 61.8 retracement level from 1960). All too early for now, but one can dream right? :)
In short, a ranging market for the coming weeks and a lot of pips to scoop.
Keep the scooping blue 😏,
Cesaro
An interesting week we had and more interesting weeks ahead, with volatility growing each day as we head into spring 2021. This spring season is extra important, as most developed countries have been vaccinating their people and the expectation is that these economies can get out of their lockdowns soon & governments can make up the balance of the damage. These events will have a major impact on markets - the equities and goldmarket in particular.
On the technical side, we have a nice inverse H&S pattern on the daily chart with targets 1785 (38.2 fibo retracement level from 1960) and 1805 (gap closure). Also the daily RSI is above 50 since months and the latest COT is superbullish with an increase in net long positions of +22k contracts.
The daily chart is currently in a bullchannel. Bears want this bullchannel to turn into a bearflag targeting 1680 and 1650 from the supply zone. If bears succeed to bring the price to 1650, they will have a break of the April 14th 2020 low and more downside is expected in the goldprice with potential bearish targets 1550 and 1450. Ofcourse before that, bulls will try to turn 1680 into a triple bottom, if they succeed they will have setup a major support zone which will function as a platform for a potential rocket to 2100.
For the coming week I am planning to buy the 1735-1740 zone with targets 1785 & 1805 and will start selling after the gap gets closed. We might go a bit higher around 1808. For the gaptraders it is important to know that the gap indicates a supply zone, so I am expecting strong bearish PA after the gap gets closed. I will be looking to rebuy the 1680 zone with targets 1820 & 1850 (50 & 61.8 retracement level from 1960). All too early for now, but one can dream right? :)
In short, a ranging market for the coming weeks and a lot of pips to scoop.
Keep the scooping blue 😏,
Cesaro
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