Gold: August 2021 pattern again?
On 4 August 2021, Monday, a rapid correction to 1680 happened after a slow uptrend. After this correction, the second test of the all-time high happened (aided by the Ukraine war).
A rapid price decrease is supported by a confluence of factors: fibonacci level of recent uptrend, major resistance at 1800, retest of 1680 or break more likely than continuation to the oside due macro-economic events such as rate-hikes b the FED, large increase of shorts added by hedge funds (according to CoT data from 26/7/2022).
Trading strategy: wait for retest of resistance at 1780-1797 and then enter when valid entry at 4h or lower presents itself.
A rapid price decrease is supported by a confluence of factors: fibonacci level of recent uptrend, major resistance at 1800, retest of 1680 or break more likely than continuation to the oside due macro-economic events such as rate-hikes b the FED, large increase of shorts added by hedge funds (according to CoT data from 26/7/2022).
Trading strategy: wait for retest of resistance at 1780-1797 and then enter when valid entry at 4h or lower presents itself.
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