Micro Gold FuturesLargo
2024-12-10 - priceactiontds - daily update - gold
Good Evening and I hope you are well.
tl;dr
gold - Bullish but only until 2740ish. Bulls broke strongly above 2700 and the triangle is dead. Next stop is previous resistance around 2743. I do expect a pullback first, since the channel is obvious. Chart shows the preferred way for me.
comment: Bulls are in control again. My chart is very clear, so I won’t try to make stuff up in here. 2678 should not be broken again and next target for the bulls is 2743ish. I expect a pullback down to 2710 or even 2700 before another leg up. If we break above the current channel, we will likely print 2800 before end of Friday.
current market cycle: trading range
key levels: 2680 - 2745 (above that is 2800 next)
bull case: Chart tells the whole story for the bulls. Don’t make this more complicated as it is. Any pullback below 2710 is a decent buy with stop 2678.
Invalidation is below 2678.
bear case: Bears gave up once they could not reverse the market below 2670 again after y close and the early test down to 2683 in the EU session.
Invalidation is above 2745.
short term: Bullish. Look for longs near the lower channel line or 1h 20ema.
medium-long term - Update from 2024-11-24: Likely to close 2024 above 2800 but I do think the recent selling was the first hint that we will transition into a trading range soon.
current swing trade: None
trade of the day: Buying the double bottom near 2680.
tl;dr
gold - Bullish but only until 2740ish. Bulls broke strongly above 2700 and the triangle is dead. Next stop is previous resistance around 2743. I do expect a pullback first, since the channel is obvious. Chart shows the preferred way for me.
comment: Bulls are in control again. My chart is very clear, so I won’t try to make stuff up in here. 2678 should not be broken again and next target for the bulls is 2743ish. I expect a pullback down to 2710 or even 2700 before another leg up. If we break above the current channel, we will likely print 2800 before end of Friday.
current market cycle: trading range
key levels: 2680 - 2745 (above that is 2800 next)
bull case: Chart tells the whole story for the bulls. Don’t make this more complicated as it is. Any pullback below 2710 is a decent buy with stop 2678.
Invalidation is below 2678.
bear case: Bears gave up once they could not reverse the market below 2670 again after y close and the early test down to 2683 in the EU session.
Invalidation is above 2745.
short term: Bullish. Look for longs near the lower channel line or 1h 20ema.
medium-long term - Update from 2024-11-24: Likely to close 2024 above 2800 but I do think the recent selling was the first hint that we will transition into a trading range soon.
current swing trade: None
trade of the day: Buying the double bottom near 2680.
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