Thanks for sharing! According to my analysis, the Gold is in a long expansion phase, breaking the daily countertrend, so today I'm looking for longs at the H1 countertrend break. What makes you think it's going to go sideways?
Thanks Peter. In my take, gold is in a volatile consolidation since the new all time-high at 3,500 in April. Now, June is seasonality-wise a challenging month. Silver finally has started to move but usually does this at the end of a rally in the sector. And I have a sell signal for gold on the weekly. All this makes me less bullish and rather cautious for the next few weeks. Gold had a nice bounce from 3,120 over the last few weeks but has failed around 3,400.. Hence, the downtrend since April is still in tact. It would take a clear breakout above 3,400 and 3,500 to change this. Over the last few days we have seen quite some whipsawing price action and quick counter moves in both directions. typical for June. But I am still reluctant to short as the physical demand part of the equation can always and suddenly kick in.. 4h and 1h stochastic is overbought with the 1h turning down. not really a setup where I´d be long for longer than intraday trades.. and don´t forget generally most of the time markets go sideways..
Thanks Florian, makes sense. They so move sideways most of the time, that's for sure, but in an expansion phase, they tend to go with the trend, and they go fast. I agree on the weekly, it has bumped into the monthly target Fibonacci 300 after a steep one-way move, so yeah, a deeper correction is not difficult to imagine. I'd look for shorts only below the weekly pivot. That's how I can use the strength of the trend.
Thanks for sharing! According to my analysis, the Gold is in a long expansion phase, breaking the daily countertrend, so today I'm looking for longs at the H1 countertrend break. What makes you think it's going to go sideways?
Thanks Peter. In my take, gold is in a volatile consolidation since the new all time-high at 3,500 in April. Now, June is seasonality-wise a challenging month. Silver finally has started to move but usually does this at the end of a rally in the sector. And I have a sell signal for gold on the weekly. All this makes me less bullish and rather cautious for the next few weeks. Gold had a nice bounce from 3,120 over the last few weeks but has failed around 3,400.. Hence, the downtrend since April is still in tact. It would take a clear breakout above 3,400 and 3,500 to change this. Over the last few days we have seen quite some whipsawing price action and quick counter moves in both directions. typical for June. But I am still reluctant to short as the physical demand part of the equation can always and suddenly kick in.. 4h and 1h stochastic is overbought with the 1h turning down. not really a setup where I´d be long for longer than intraday trades.. and don´t forget generally most of the time markets go sideways..
Oh, and one more thing... the USD is definitely on a trial.
Thanks Florian, makes sense. They so move sideways most of the time, that's for sure, but in an expansion phase, they tend to go with the trend, and they go fast. I agree on the weekly, it has bumped into the monthly target Fibonacci 300 after a steep one-way move, so yeah, a deeper correction is not difficult to imagine. I'd look for shorts only below the weekly pivot. That's how I can use the strength of the trend.
I have my analysis here: https://themarketflow.trading/p/gold-at-a-decision-zone-after-reaching