4 May 2020
New Week, new Possibilities, while the monthly failed to close a key level on our bullish outlook, the weekly close brought prices back inside a bullish continuation area, howver, daily close above the 1685 price means that the bullsh scenario remains intact given the fact that the daily buy zone is a couple of pips below and also that with every passing day that price keeps consolidating, the buy zone on the daily chart keeps pulling higher as such so long as two key criteria arent met, will remain net bullish on Gold, those are,
1. Price doesnt get a daily close below the D1 buy zone and use that breakdown level as resistance
2. The head structure of the inverse HnS pattern isnt invalidated.
With that said, it becomes important and imperative of us to look to time the entries, every now and then price will break a key support handle on the lower time frames, but we need to take note of where it finds support or resistance relative to the longer time frames as they wil loften hold the key with regards to where price is heading next.
As things stand,
H1: Neutral
H4: Bearish and Sell Zone: 1699.98 - 1695.32
D1: Bullish and Buy Zone: 1695.78 - 1672.65
Intra Day Levels
Upside
1725.27
1713.40
1705.12
1692.04
Downside
1687.89
1678.29
1671.40
1668.99
Green Pips
New Week, new Possibilities, while the monthly failed to close a key level on our bullish outlook, the weekly close brought prices back inside a bullish continuation area, howver, daily close above the 1685 price means that the bullsh scenario remains intact given the fact that the daily buy zone is a couple of pips below and also that with every passing day that price keeps consolidating, the buy zone on the daily chart keeps pulling higher as such so long as two key criteria arent met, will remain net bullish on Gold, those are,
1. Price doesnt get a daily close below the D1 buy zone and use that breakdown level as resistance
2. The head structure of the inverse HnS pattern isnt invalidated.
With that said, it becomes important and imperative of us to look to time the entries, every now and then price will break a key support handle on the lower time frames, but we need to take note of where it finds support or resistance relative to the longer time frames as they wil loften hold the key with regards to where price is heading next.
As things stand,
H1: Neutral
H4: Bearish and Sell Zone: 1699.98 - 1695.32
D1: Bullish and Buy Zone: 1695.78 - 1672.65
Intra Day Levels
Upside
1725.27
1713.40
1705.12
1692.04
Downside
1687.89
1678.29
1671.40
1668.99
Green Pips
4&1 All Time Profit:
$37,496
2