Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair.
Monthly : We have just Completed an "M" formation and we already started the new impulse to the downside. We expect the price to retest the neckline before the continuation to the downside.
Weekly : We do have an "M" formation as well and we want to see a retest of the neckline before a potential continuation to the downside.
Daily : We have a "M" formation and we want to retest the neckline which is a very strong level of support that was broken during the previous week and it will act as a resistance now and magnet for short positions.
COT : Institution have been shorting GOLD massively since they added closed more than 30000 long positions and added close to 12000 short position during the last Month and previous reports.
We also looking at a bullish DXY since institutions have been adding long on the $ index during the previous weeks.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
Monthly : We have just Completed an "M" formation and we already started the new impulse to the downside. We expect the price to retest the neckline before the continuation to the downside.
Weekly : We do have an "M" formation as well and we want to see a retest of the neckline before a potential continuation to the downside.
Daily : We have a "M" formation and we want to retest the neckline which is a very strong level of support that was broken during the previous week and it will act as a resistance now and magnet for short positions.
COT : Institution have been shorting GOLD massively since they added closed more than 30000 long positions and added close to 12000 short position during the last Month and previous reports.
We also looking at a bullish DXY since institutions have been adding long on the $ index during the previous weeks.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
