Good day Traders !!
Daily : On the Daily timeframe we clearly have a downtrend channel and we have been respecting it since early August 2020 and we expect to reach the lower trendline soon. We have an "M" formation that was printed last week and we expect the price to retest the neckline before the continuation of the impulse correction impulse pattern. We might be looking at a day or two of retracement before the huge move to the downside. Also we have a confluence of resistance at this area since it's the 0.382 FIB level and we would like to see the market retrace to that level after an overextended "M" formation.
From an institutional perspective we have on Gold a massive drop of the Net position since we went from 280,000 Net position back in early January until 190,000 on the last report that was posted last Friday.
Also during the last four report institutions have added a lot of short position and closed close to 50,000 Long position. This is a sign of the very bearish move that is expected.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
Daily : On the Daily timeframe we clearly have a downtrend channel and we have been respecting it since early August 2020 and we expect to reach the lower trendline soon. We have an "M" formation that was printed last week and we expect the price to retest the neckline before the continuation of the impulse correction impulse pattern. We might be looking at a day or two of retracement before the huge move to the downside. Also we have a confluence of resistance at this area since it's the 0.382 FIB level and we would like to see the market retrace to that level after an overextended "M" formation.
From an institutional perspective we have on Gold a massive drop of the Net position since we went from 280,000 Net position back in early January until 190,000 on the last report that was posted last Friday.
Also during the last four report institutions have added a lot of short position and closed close to 50,000 Long position. This is a sign of the very bearish move that is expected.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
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