From a COT perspective , we are looking at a gold ranging between the area of 1900-1800. Mostly because of the institutions that are closing a lot of long position alongside with the short positions closed for a total net positions of 246,000 compared with 280,000 during the last month.
From a pattern perspective we are currently looking at corrective move being created by the price before the impulse to the downside in order to reach the next demand zone in the line with the 1780 level.
From a 4H , we have a value area between 1881 and 1845, so these levels should be considered at target for the short term before entering the new impulse phase.
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Thanks and have an amazing trading week.
From a pattern perspective we are currently looking at corrective move being created by the price before the impulse to the downside in order to reach the next demand zone in the line with the 1780 level.
From a 4H , we have a value area between 1881 and 1845, so these levels should be considered at target for the short term before entering the new impulse phase.
I hope that you guys liked the analysis, please like and subscribe for more daylight content. If you have a different opinion leave a comment because I'd love to hear your ideas.
Thanks and have an amazing trading week.