The S&P index is at a very interesting area currently so we will be waiting to see how price will react from this level. While it is currently at a very strong supply zone which has been rejected off of a couple of times, I can also spot a very clear inverse head and shoulder pattern which is telling us that price wants to push up past this very strong zone. But...
expecting gold to reverse back down after this upward move beacause of the obvious imbalance. We all know that the market loves to correct those. Will be observing how the market reacts to that zone and when I get confluence for the drop, will dive right in! Currently in profit for the long position and already took partials at TP1.
As stated earlier in my previous analysis for this pair, i eaplained why the pair would see a sell this week. and it played out today after the break and retest of the upward trend. i took my entry and currently sitting in profit.
please like and follow for more analysis like this
Anticipating a buy after the retest of this zone. I will be taking tp at the zone marked but I expect price to push higher to form a new ATH because from the daily, price hit a strong support and resistance level and then bounced off of starting this new uptrend. I will link the daily chart below.
NB: this is not financial advice. please always do your own analysis.
Notice that both weekly and daily candles closed with very strong bullish momentum. I expect a .618 retracement after the impulsive buys that happened this week and then we continue upwards again to 112.404 price level . Upon market open by Sunday night, I will be looking out for my sell confirmations. before buying up.
We saw this exact move made in the last week of January around the 30000 zone. Double bottom indicating that the bears are exhausted and the bulls are back in. Previous supply zone now turned into a demand zone. If you caught the bearish flag move, congratulations. I will be looking to enter on the long term buy position. targets profits set at 78000. will find a...