✴️ GOLD Daily timeframe. March 8
The news background regarding inflation and the rate provoked a strong drop in the gold market and thereby tore it up. The fall resumes.
1) Regarding the zone 1842-1845 there was a deceptive maneuver: on March 3 it closes above the previous technical pullback, triggering a buying pool, on March 6 the candle is completely above the zone 1842-1845 so it increases the pool of long positions, but on March 7 a false break-down is formed and the buyers leave the market, this maneuver strongly pushes the price down because of the closing orders, which go to the basket of a large bearish player.
2) Liquidity is enough to move the price to 1765
3) The price rolls back to resistance 1821, from which we can expect another drop
4) Local level 1802 will be broken in the medium term (probably this week).
5) The market is bearish
1) Regarding the zone 1842-1845 there was a deceptive maneuver: on March 3 it closes above the previous technical pullback, triggering a buying pool, on March 6 the candle is completely above the zone 1842-1845 so it increases the pool of long positions, but on March 7 a false break-down is formed and the buyers leave the market, this maneuver strongly pushes the price down because of the closing orders, which go to the basket of a large bearish player.
2) Liquidity is enough to move the price to 1765
3) The price rolls back to resistance 1821, from which we can expect another drop
4) Local level 1802 will be broken in the medium term (probably this week).
5) The market is bearish
❤️ Telegram channel: t.me/AndeWave
❤️ Telegram channel: t.me/AndeWave
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