Gold: 4H Update 07.07.
Hello dear precious metals traders, hope you're doing well guys! ;)
In our last analysis I had written the following:
<If we look on the Daily, we can see a potential Shooting Star reversal candle shaping up: This would make the case for further tightening between $1,425 and the bottom range of $1,380. >
=> This is exactly what we're seeing currently on the 4H. This tightening will continue into the coming week, before we see a breakout out of this range.
As I had written in the last analysis already, the top range is in the area of $1,433-1440.
=> If we break it, the road is free up to the Weekly important S&R zone of 1,550, where we had broken out the bottom in 2013 (see the attached macro gold analysis 'This is where the story begins.')
Otherwise, in case of a bear break out of the Equilibrium, the bottom range of the previous S&R zone of $1,350 will still be huge support. => For any further downside to come, we would first have to clear this zone.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
In our last analysis I had written the following:
<If we look on the Daily, we can see a potential Shooting Star reversal candle shaping up: This would make the case for further tightening between $1,425 and the bottom range of $1,380. >
=> This is exactly what we're seeing currently on the 4H. This tightening will continue into the coming week, before we see a breakout out of this range.
As I had written in the last analysis already, the top range is in the area of $1,433-1440.
=> If we break it, the road is free up to the Weekly important S&R zone of 1,550, where we had broken out the bottom in 2013 (see the attached macro gold analysis 'This is where the story begins.')
Otherwise, in case of a bear break out of the Equilibrium, the bottom range of the previous S&R zone of $1,350 will still be huge support. => For any further downside to come, we would first have to clear this zone.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
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