Fundamentally;
Gold prices have been falling for two reasons the feds raising interest rates which attracts investor money and makes the US dollar even more stronger and as long as the feds keep raising the interest rates to protect the economy and stabilize inflation I see no hope for a bullish market for gold at this moment.
Technically;
The overall big trend on the monthly is bearish but the price is currently on a level of s/r while the price is also touching the 50ema so we may see a quick and huge reversal to the upside and a continuation with the bullish trend but for now and Based on what’s going on m only taking sells
On the weekly & daily timeframe, the price is making LL and LH currently it’s on a LL so there might be a pullback on the way OR not.
On the 4h price made a new higher high so, for now, m only short on gold, trading with the big trend, as the usual imma look for the price to break below a new structure with a heavy momentum candle and below the ema’s then ill look for my entry on the 1h.
Gold prices have been falling for two reasons the feds raising interest rates which attracts investor money and makes the US dollar even more stronger and as long as the feds keep raising the interest rates to protect the economy and stabilize inflation I see no hope for a bullish market for gold at this moment.
Technically;
The overall big trend on the monthly is bearish but the price is currently on a level of s/r while the price is also touching the 50ema so we may see a quick and huge reversal to the upside and a continuation with the bullish trend but for now and Based on what’s going on m only taking sells
On the weekly & daily timeframe, the price is making LL and LH currently it’s on a LL so there might be a pullback on the way OR not.
On the 4h price made a new higher high so, for now, m only short on gold, trading with the big trend, as the usual imma look for the price to break below a new structure with a heavy momentum candle and below the ema’s then ill look for my entry on the 1h.