So finally gold entered into correction phase and seems like there is more room for decline in this correction cycle :
Today CPR is descending and the last day candle is a good bearish candle and as discussed in yesterdays update the area around 2620-30 is a support zone with high volume and price is currently tested this zone and bouncing on Intra day but in...
With Bearish COT Reports AND Weekly momentum down - Gold can be a short between 2030 to 2050 with a stop- of 2091 and a target of 1830-1875. My only concern is positive Daily Momentum. So strictly Stoploss Please
Gold is Giving Contradicting Signals at The Moment :
Bullish Case :
1. COT Reports are Bullish
2. Weekly Momentum is Still Bullish
Bearish Case :
1. Decline on Daily Chart Looks 5 Wave
2. Daily Momentum is Still Bearish
What to do then?
1. On Weekly Charts 1650-1675 Area is Very Crucial- It has horizontal solid Support Line, My Channel Bottom and 200 week MA...
GOLD: should maintain the level of 1600 & regain the level of 1750 . Losing 1600 will raise concern & the prices may continue falling. However the internal structure suggests that it should give a push on upside. Buy only Above 1750 closing basis with SL of 1600.
Gold came to see the shape of downtrend.
Gold has not reached YPP (P) 1269.009 and is trying to fall again.
Please look at the weekly,You can also see the red trend line being conscious.
weekly
But I decided not to use this line because of my discipline.
So I will not do anything now.
There is no reliable horizontal line near here.
Therefore, as usual, I...
Bullish COT. Diverging but still Weak Momentum trying to turn positive.
The green technical area barely trying to hold itself.
SILVER (posted) looking much stronger.
Huge selling behind the present down move.
With these conflicting, confusing and diverging signals, perhaps Silver will provide a much clearer future direction for precious Metals Complex.
If...
The Critical Price Zone support holding till now.
But the price action is not very encouraging for LONGS.
Start thinking about going LONG Gold, only when it trades above 1200 Level DECISIVELY.
BUT IN THAT CASE DO WITH VERY STRICT STOP LOSS as there is still very large selling in the background.
With Positive Divergences and Buying by Commercials (Last weeks data, this weeks awaited), I am Expecting the Current Price Area to Hold and Arrest The Downtrend. If that happens, I had Given The Upward Projection Target.
But if the current zone does not hold and give up, i have given the further Support Areas (H&S targets).
But that will invalidate the upward...
