#202434 - priceactiontds - weekly update - gold
Good Evening and I hope you are well.
Quote from last week:
comment: Bulls got a new ath but the highest monthly close so far was 2473 and there is no reason to expect a huge breakout above 2550 with follow through. If it happens, hopp along but odds favor the bears for another reversal like so many times in the last 4 months. No matter how you interpret the patterns on the chart, all favor a reversal and betting on a breakout after 4 months of trading range price action is a losing strategy in the long run. I am neutral and wait for bears to show strength but will join the bulls on a strong breakout above 2550.
current market cycle: trading range for many months now and it’s probably coming to an end over the next weeks/months —unchanged
key levels: 2400 - 2550
bull case: Bulls printed a new ath. They finally want their breakout above and much higher prices. All patterns are against them and the odds obviously also. I would not look for longs above 2500. If they could break above 2550 and any pullback would stay above 2530, their chances of another leg up would be decent.
Invalidation is below 2550.
bear case: Bears see the trading range since April and the nested bull wedge on lower time frames and want a reversal down to at least 2430 again. They absolutely need to close this month below 2500 or the breakout above could actually happen and market would have to find new resistance, which could be much much higher than 2550. As of now market is almost making only perfect two legged moves inside the trading range and bulls just had their second. Market favors a reversal if bears come around on Monday.
Invalidation is above 2550.
outlook last week:
→ Last Sunday we traded 2473 and now we are at 2537. Neutral outlook.
short term: Neutral until bears come around or strong break above 2550. If bears build good selling pressure, I want a retest of 2500 first and lower i look for 2470.
medium-long term: For now I think the most reasonable outlook I could give is a trading range 2200-2500. This could hold for some time. Bear in my still thinks this rally is moronic and we will see 2000 again this year but that’s as unreasonable of an outlook one could hold so don’t. —unchanged since May
current swing trade: None.
chart update: Removed the bear trend line.
Quote from last week:
comment: Easy analysis. We are 4 points above last weeks close. We are in a triangle and exactly at the midpoint, again. Market is as neutral as it gets. Don’t make this more complicated than it needs to be. Either buy low and sell high inside given range or wait for a breakout.
comment: Bulls got a new ath but the highest monthly close so far was 2473 and there is no reason to expect a huge breakout above 2550 with follow through. If it happens, hopp along but odds favor the bears for another reversal like so many times in the last 4 months. No matter how you interpret the patterns on the chart, all favor a reversal and betting on a breakout after 4 months of trading range price action is a losing strategy in the long run. I am neutral and wait for bears to show strength but will join the bulls on a strong breakout above 2550.
current market cycle: trading range for many months now and it’s probably coming to an end over the next weeks/months —unchanged
key levels: 2400 - 2550
bull case: Bulls printed a new ath. They finally want their breakout above and much higher prices. All patterns are against them and the odds obviously also. I would not look for longs above 2500. If they could break above 2550 and any pullback would stay above 2530, their chances of another leg up would be decent.
Invalidation is below 2550.
bear case: Bears see the trading range since April and the nested bull wedge on lower time frames and want a reversal down to at least 2430 again. They absolutely need to close this month below 2500 or the breakout above could actually happen and market would have to find new resistance, which could be much much higher than 2550. As of now market is almost making only perfect two legged moves inside the trading range and bulls just had their second. Market favors a reversal if bears come around on Monday.
Invalidation is above 2550.
outlook last week:
short term: Neutral around 2475. Will only scalp this on momentum inside the triangle but swing will have to wait for a bigger breakout above or below. Want to see 2500 to look for shorts again.
→ Last Sunday we traded 2473 and now we are at 2537. Neutral outlook.
short term: Neutral until bears come around or strong break above 2550. If bears build good selling pressure, I want a retest of 2500 first and lower i look for 2470.
medium-long term: For now I think the most reasonable outlook I could give is a trading range 2200-2500. This could hold for some time. Bear in my still thinks this rally is moronic and we will see 2000 again this year but that’s as unreasonable of an outlook one could hold so don’t. —unchanged since May
current swing trade: None.
chart update: Removed the bear trend line.
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