Strong DXY, and Gold has no bullish outlook so far, unless it can close above 1230 4H candle close. Short till 1217, 1209, and 1196 possibly.
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Watch for 1228.
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TP 1 done... TP 2 to aim. SL shifted down...
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Gold shouldn't close above S1 in 4H. If it does, close short. We have reached TP1 and SL should move on BE yesterday.
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Structure is still bearish, shift SL above 1223. Watch the X. Today is Thursday, is either crash or reverse.
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Another thing to note. 1D candle is INVERTED HAMMER ON SUPPORT 1217.. Bullish move might be coming today. If it breaks 1223, I will go long and SL below 1215. Swing trade to at least 1248.
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Nothing bullish yet.
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USD good data... 1209 might be near...
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Well, good US data and no downside push.. It can only mean one thing.... Remember my post few hours ago about inverted hammer on the support?
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Wait for confirmation, at least 4H, can close your short now. Always protect your profit (those not SLed yet)
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Be patient...
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Looks like Thursday started with a bullish move. Watch the 0.382 (1296.60) area. break that and we are good to go to at least 1248.
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Watch 1H candle close.. long to 1248!
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koastech
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Stopped out at 1224 in small profit.Thanks for sharing your analysis
RoboCash
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@koastech, Its ok. As I mentioned, today maube the reversal day. 1D inverted hammer. price looks harder and harder to drop now..
koastech
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@RoboCash, Thanks for the reply.Lets wait for a clearer picture. Price action just after comex opening and before regular NYSE hours sometimes is just set to erase the action after COMEX close the previous day and it just did that.
lord_kinbote
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@RoboCash, Nice call on the reversal. What's your outlook? IF count is correct, this looks like 4th daily cycle so personally not expecting a lot before we roll into ICL. However, if count is wrong, maybe we just had ICL? Thanks in advance for the insight.
RoboCash
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@lord_kinbote, I can't comment much as of now. We need to see candle close. At least the 4H one for more direction. Bull trap is possible earlier. 50% correction is at 1209 is still up for grabs.