Gold bears looking for a discount (Update 2)
Hey guys,
An absolutely beautiful bullish week in goldyland with an excellent close 1830+ (above the 61.8 weekly fibo level) and we settled the '1805-gap saga' finally after 3 long months.
So what's next? The rip your face off-rally is here and it isn't going away for a while. I remain bullish on gold, and buying dips is the way to go as it seems we are heading to the next fibo resistance level at 1875.
For me the current gold price is too high to buy, but too bullish to short, so I will be staying out of the market for a well deserved break after hitting all my bullish targets last week. I want to see what goldy is up to next, as we are near a heavy resistance zone (1850 zone), which has been a strong support and now turned resistance + daily 200 SMA is chilling in the same zone.
After such a strong weekly candle, price needs to rest and find its next move and I am expecting a ranging week ahead with a bearish undertone due to the H4 bearish divergence. The COT-report this week looks neutral with both longs and shorts closed. Depending on candlesticks and PA, goldy should give us more clues about its next move in the next week.
Are the bearish candles strong & engulfing and are there signs of reversal patterns? Then a bearish reversal is near and we are looking at 1680 & 1650. Are the bearish candles wicky & slow in a bullish continuation pattern (bullflag or triangle)? Then we are looking at 1875 and maybe higher to 1900.
Ideally as a gold bull I would like to buy the lower fibo level around 1770, but I expect the bulls to defend their breakout and we wont see lower than 1795 (maybe a quick wick to 1785). As earlier mentioned it can go both ways from here and taking a 'friendly observer approach' seems the better option for now. After all, not trading is also trading 😏.
Stay blue,
Cesaro
An absolutely beautiful bullish week in goldyland with an excellent close 1830+ (above the 61.8 weekly fibo level) and we settled the '1805-gap saga' finally after 3 long months.
So what's next? The rip your face off-rally is here and it isn't going away for a while. I remain bullish on gold, and buying dips is the way to go as it seems we are heading to the next fibo resistance level at 1875.
For me the current gold price is too high to buy, but too bullish to short, so I will be staying out of the market for a well deserved break after hitting all my bullish targets last week. I want to see what goldy is up to next, as we are near a heavy resistance zone (1850 zone), which has been a strong support and now turned resistance + daily 200 SMA is chilling in the same zone.
After such a strong weekly candle, price needs to rest and find its next move and I am expecting a ranging week ahead with a bearish undertone due to the H4 bearish divergence. The COT-report this week looks neutral with both longs and shorts closed. Depending on candlesticks and PA, goldy should give us more clues about its next move in the next week.
Are the bearish candles strong & engulfing and are there signs of reversal patterns? Then a bearish reversal is near and we are looking at 1680 & 1650. Are the bearish candles wicky & slow in a bullish continuation pattern (bullflag or triangle)? Then we are looking at 1875 and maybe higher to 1900.
Ideally as a gold bull I would like to buy the lower fibo level around 1770, but I expect the bulls to defend their breakout and we wont see lower than 1795 (maybe a quick wick to 1785). As earlier mentioned it can go both ways from here and taking a 'friendly observer approach' seems the better option for now. After all, not trading is also trading 😏.
Stay blue,
Cesaro
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