Recent pandemic development trigger deflation in the market. That lead to less demand in Gold and silver for short amount of time. The recent COT report showing that smart money reducing their position and not adding new position to sell. This brought the daily range down to 10$-20$ and the panic bear momentum which we experienced last month will not be repeated. I am looking to open sell position from this week to the range of 1500-1509 as per emerging Bat bullish leg marked in the chart. Once we get into that level price push to another leg high that surprise early bears. In other words traders call bear-trap/stop-loss-hunt etc.
1720 is the minimum target I marked in the chart. Since we are in 5th wave in an over lapping structure, it may get violent and push further towards 1800 matter of hours.
if there is no BAT leg down we end the structure around 1580 then it move upward. This idea can be find below.
1720 is the minimum target I marked in the chart. Since we are in 5th wave in an over lapping structure, it may get violent and push further towards 1800 matter of hours.
if there is no BAT leg down we end the structure around 1580 then it move upward. This idea can be find below.