Largo
Gold - Rebound from major support !!!
Last week, some traders from my group debating a lot about gold. Some said, the trend was bearish and against moving average on daily chart, and it will go down from there. Some said "no, trend still bullish, and now market will go up for sure." Some mumbled " It is not clear enough. We still can not be sure what happens with this gold, We will wait for a bit longer to make a decision." Among their debating, my words coming to them said.
"Market turn to more volatile now. Gold struggling now because it is against weekly resistance. So, it will need time if market wants to break it. What should I concern is, if sellers strong, they will not wait to drop price down. But this is the 4th days and seller still can not push gold down. So, buyers still push and maintain their position. There's no clear winner in the market now. But buyers still has the momentum.In weekly chart, not only price againt moving average, but also the large black candle. So, no wonder it is like "hard" to move. If you notice whenever price facing S/R on weekly chart, it will take days to breakthrough it.
When I see the chart again, if sellers wants the market down, they rare give buyers to show off. But this time, after big black candle, buyers can take over market for 2 weeks. Now the third weeks. And last week, market has a small pin bar. Well, buyers really try hard to take market for them now. Let see. "
And the result is gold closed stronger this week.
How about next week?
For your information, major support XAUUSD is 1763.4 - 1764.15. 2 weeks ago, gold already rebounded from this support, making it possible to form market going sideways. And inside this sideways market, the destination for upward movement will be around 1902-1915. And as you can see from my chart here, the gold right now is in the progress of breakout minor resistance. And if this succeed, the probability market going up in near future is higher. And if this pre-breakout failed, then gold will be once again test the major support. Overall, I stand for bullish view for gold now.
Happy trading,
J
"Market turn to more volatile now. Gold struggling now because it is against weekly resistance. So, it will need time if market wants to break it. What should I concern is, if sellers strong, they will not wait to drop price down. But this is the 4th days and seller still can not push gold down. So, buyers still push and maintain their position. There's no clear winner in the market now. But buyers still has the momentum.In weekly chart, not only price againt moving average, but also the large black candle. So, no wonder it is like "hard" to move. If you notice whenever price facing S/R on weekly chart, it will take days to breakthrough it.
When I see the chart again, if sellers wants the market down, they rare give buyers to show off. But this time, after big black candle, buyers can take over market for 2 weeks. Now the third weeks. And last week, market has a small pin bar. Well, buyers really try hard to take market for them now. Let see. "
And the result is gold closed stronger this week.
How about next week?
For your information, major support XAUUSD is 1763.4 - 1764.15. 2 weeks ago, gold already rebounded from this support, making it possible to form market going sideways. And inside this sideways market, the destination for upward movement will be around 1902-1915. And as you can see from my chart here, the gold right now is in the progress of breakout minor resistance. And if this succeed, the probability market going up in near future is higher. And if this pre-breakout failed, then gold will be once again test the major support. Overall, I stand for bullish view for gold now.
Happy trading,
J
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