GOLD May Outlook (May 2nd - May 6th)
Next week, we have FOMC and NFP which probably big movement will happen.
Monthly : Bearish (Rejected from resistance 1975.962, Weekly, and Daily make bearish structure (Low - High - Lower Low - Lower High)
Weekly : Bearish (Weekly closing inside Weekly RBS and S with no confirmation for reversal)
Daily : Bearish (Price rejected Daily Level, and H1 made bearish structure)
My buying level for next week = 1828. In this level we need the price action and confirmation to minimize risk.
It is my POV for gold based on my strategy (SnR). This is the ideal movement for gold, but we know that we can't rule the market. Still there is possibility price get back to monthly resistance, Just monitor the price action and the structure. I will keep the update for next week.
Monthly : Bearish (Rejected from resistance 1975.962, Weekly, and Daily make bearish structure (Low - High - Lower Low - Lower High)
Weekly : Bearish (Weekly closing inside Weekly RBS and S with no confirmation for reversal)
Daily : Bearish (Price rejected Daily Level, and H1 made bearish structure)
My buying level for next week = 1828. In this level we need the price action and confirmation to minimize risk.
It is my POV for gold based on my strategy (SnR). This is the ideal movement for gold, but we know that we can't rule the market. Still there is possibility price get back to monthly resistance, Just monitor the price action and the structure. I will keep the update for next week.
