GOLD - Goldbugs Rushing In To Buy The Top Again
Everyone thinks GOLD is going to go on a wild rally and TV charts reflect those dreams that it is a hedge against inflation, positive COT data etc...
However zooming out to 2 week chart - yet another very bearish upper wicked candle is forming and will probably close as a star showing heavy selling pressure yet again.
GOLD completed a retracement up to 0.61, just short of the inverse phi 0.618. Interestingly GOLD mostly does not have a fakeout reversal area as stocks and crypto do, but rather reverses very close to 0.618 as previous and a good short would be in this area however I was already short at the close of the weekly star in March - stop loss above the top.
Since reaching the B wave 0.618 pivot, momentum has picked up to the downside which will most likely print another very bearish candle.
GOLD has now fallen below January resistance and if it closes below in a few days then this area will be of very high resistance. It would be unlikely that GOLD would be able to stay above for any significant length of time above thereafter.
So, this is an obvious textbook B wave retracement before heading much lower. And in that process it may drift or it may fall sharply but I'm just trading this one on CFD - there is no expiry, so I really dont mind how long it takes.
When it gets back down to $1426 area as I said in my last thread, I will begin to look for buying opportunities if there are positive market conditions elsewhere.
Anyhow this is now a clear as day wyckoff distribution topping pattern as I showed in a previous thread linked below and goldbugs are going to be disappointed.
And right now I'm long nothing and thats how I avoid left tail risk.
The candles don't lie.
See you @ $1426.
Not advice.
However zooming out to 2 week chart - yet another very bearish upper wicked candle is forming and will probably close as a star showing heavy selling pressure yet again.
GOLD completed a retracement up to 0.61, just short of the inverse phi 0.618. Interestingly GOLD mostly does not have a fakeout reversal area as stocks and crypto do, but rather reverses very close to 0.618 as previous and a good short would be in this area however I was already short at the close of the weekly star in March - stop loss above the top.
Since reaching the B wave 0.618 pivot, momentum has picked up to the downside which will most likely print another very bearish candle.
GOLD has now fallen below January resistance and if it closes below in a few days then this area will be of very high resistance. It would be unlikely that GOLD would be able to stay above for any significant length of time above thereafter.
So, this is an obvious textbook B wave retracement before heading much lower. And in that process it may drift or it may fall sharply but I'm just trading this one on CFD - there is no expiry, so I really dont mind how long it takes.
When it gets back down to $1426 area as I said in my last thread, I will begin to look for buying opportunities if there are positive market conditions elsewhere.
Anyhow this is now a clear as day wyckoff distribution topping pattern as I showed in a previous thread linked below and goldbugs are going to be disappointed.
And right now I'm long nothing and thats how I avoid left tail risk.
The candles don't lie.
See you @ $1426.
Not advice.
הערה:
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הערה:
Gap down on GC1 to open below the 50 day MA that will most likely now act as resistance from herein.
I'm somewhat quiet on TView for now but you can find me pumping content every day in my Telegram Trading Group 🧐
Part 2 of the fortnight video now uploaded to the group: 27th May - Crypto focus😼.
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Part 2 of the fortnight video now uploaded to the group: 27th May - Crypto focus😼.
$50 per month 👍🏻.
Contact: t.me/dRends35
