gold shorts
Weekly Timeframe Notes:
Based on the weekly timeframe analysis, it is evident that there has been a clear rejection at the 2050 level for the third time. Interestingly, each spike is slightly lower, raising concerns about the weakening power of the bulls. By measuring the previous two legs from the prior rejections, we can observe that gold is likely to encounter a daily imbalance in the range of 1750-1800. This range exhibits relatively equal lows, which could indicate a potential break of lows on the higher timeframe.
Daily Notes:
Shifting our focus to the daily timeframe, we can validate the earlier analysis. Divergence on the daily timeframe is apparent, along with three consecutive drives into the weekly resistance level at 2050. Additionally, a 3-pin pattern has emerged, coupled with a breach of the previous daily higher low at 1975. Multiple rejections from this support level suggest its official breakdown. A bearish move close to the psychological level of 1950 ensued, followed by a bullish engulfing close on Friday, indicating possible intra-day pullbacks. Notably, there is a significant amount of clear traffic labeled with blue rectangles in the daily price action. In the event of gold breaking support again, a swift decline towards the 1804 weekly level is expected, as mentioned in the weekly notes. The absence of price structure makes it easier to navigate through the clear traffic. In summary, we should keep an eye on the 1804 level from both weekly and daily perspectives.
4-hour to 2-hour Notes:
Moving down to the 4-hour to 2-hour timeframe, we can identify structural markers such as higher highs and lows. The broken structure, highlighted by the red eclipse, confirms the presence of bears in the short term. For intraday moves, we can use the grey dotted line as an entry point on the 4-hour chart. This line has been touched multiple times before, serving as both support and resistance. Additionally, the ABC markings on the 2-hour chart indicate an imbalance. By aligning our Fibonacci retracement tool, we find that the 4-hour higher low lines up perfectly with the -27 extension, which becomes our target for short trades.
Based on the weekly timeframe analysis, it is evident that there has been a clear rejection at the 2050 level for the third time. Interestingly, each spike is slightly lower, raising concerns about the weakening power of the bulls. By measuring the previous two legs from the prior rejections, we can observe that gold is likely to encounter a daily imbalance in the range of 1750-1800. This range exhibits relatively equal lows, which could indicate a potential break of lows on the higher timeframe.
Daily Notes:
Shifting our focus to the daily timeframe, we can validate the earlier analysis. Divergence on the daily timeframe is apparent, along with three consecutive drives into the weekly resistance level at 2050. Additionally, a 3-pin pattern has emerged, coupled with a breach of the previous daily higher low at 1975. Multiple rejections from this support level suggest its official breakdown. A bearish move close to the psychological level of 1950 ensued, followed by a bullish engulfing close on Friday, indicating possible intra-day pullbacks. Notably, there is a significant amount of clear traffic labeled with blue rectangles in the daily price action. In the event of gold breaking support again, a swift decline towards the 1804 weekly level is expected, as mentioned in the weekly notes. The absence of price structure makes it easier to navigate through the clear traffic. In summary, we should keep an eye on the 1804 level from both weekly and daily perspectives.
4-hour to 2-hour Notes:
Moving down to the 4-hour to 2-hour timeframe, we can identify structural markers such as higher highs and lows. The broken structure, highlighted by the red eclipse, confirms the presence of bears in the short term. For intraday moves, we can use the grey dotted line as an entry point on the 4-hour chart. This line has been touched multiple times before, serving as both support and resistance. Additionally, the ABC markings on the 2-hour chart indicate an imbalance. By aligning our Fibonacci retracement tool, we find that the 4-hour higher low lines up perfectly with the -27 extension, which becomes our target for short trades.
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