See recent video for full breakdown. From a weekly basis gold has been stuck in a range trying to break out for the past 8 weeks and even last week has yet again fallen back into the weekly consolidation range. What I can see from daily perspective is that last weeks price action has rejected a daily volume imbalance and has started to draw towards lower prices. I'm am looking to hunt a bearish entry on the 1hr timeframe. Ideally I would like to see price rally into the midpoint of 1hr -FVG currently above price. My first downside target objective will be 1999.50, hoping for an even further push to take out the longterm liquidity below.
Commentaire:
We can see so far we have a nice drop from gold from the 1hr -FVG. Although I don't think this is the real move. It is a nice hint that Gold is most definitely seeking lower prices. I would still like to see price penetrate to at least the middle of that 1hr -FVG before I start looking for the sell. I'm looking for a one shot one kill setup.