After bullrun bearish market will return.
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After the breakout off the bearish channel in H4 i adviced to go long in the gold market. Wich was accurate and gold hit both targets!. (See last analysis)
What now? Price action wise. The monthly candle closed with a bearish candle. Wich indicates there will be a bearish movement on the way. Also gold manage to hit the strong resistance/supply zone around 2060-2065. From here we can expect a bearish move with targets 2042 ad 2025. In the long run posible back to 2007.
We have a strong support bullish trendlne wich keeps respecting. For any further fall we need an confirmed break. Also 2030 is building strong support. But i do expect a break from both support levels.
THis above is all based on technical viewpoint. Be carefull with open positions tomorrow because off NFP high impact news!
Resistance: 2060, 2070
Support: 2048, 2040, 2030
What now? Price action wise. The monthly candle closed with a bearish candle. Wich indicates there will be a bearish movement on the way. Also gold manage to hit the strong resistance/supply zone around 2060-2065. From here we can expect a bearish move with targets 2042 ad 2025. In the long run posible back to 2007.
We have a strong support bullish trendlne wich keeps respecting. For any further fall we need an confirmed break. Also 2030 is building strong support. But i do expect a break from both support levels.
THis above is all based on technical viewpoint. Be carefull with open positions tomorrow because off NFP high impact news!
Resistance: 2060, 2070
Support: 2048, 2040, 2030
Note
Note
Gold crashed and took our first target. Congrats if you followedNote
Were most were advising to buy the market. We Sold the high at 2060 and running almost 400pips now. Congrats.
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