My 4H analysis won’t change since the last COT Gold report came out bullish and no changes that could indicate a short momentum are noticed.
Since the 1st of July we are in a closed triangle structure where the upper and bottom trend lines are respected multiple times. A third rejection on the bottom trendline will be a good indicator that the price is ready to move towards the monthly critical 1800 area.
Other possible scenarios:
1. As I mentioned in my 4H analysis if the price wanted to go down, it would already have done that, so we are all the way bullish. It received support from multiple hourly critical zones. If the price respects our bottom trend line we must take care when it once again reaches the 1780 area and see how it reacts to it.
2. A false breakout towards the 1750-1760 and bellow is also possible. This way a lot of retail traders will be stopped out. Afterwards the price will reverse towards the 1800 area.
Happy Trading!
Since the 1st of July we are in a closed triangle structure where the upper and bottom trend lines are respected multiple times. A third rejection on the bottom trendline will be a good indicator that the price is ready to move towards the monthly critical 1800 area.
Other possible scenarios:
1. As I mentioned in my 4H analysis if the price wanted to go down, it would already have done that, so we are all the way bullish. It received support from multiple hourly critical zones. If the price respects our bottom trend line we must take care when it once again reaches the 1780 area and see how it reacts to it.
2. A false breakout towards the 1750-1760 and bellow is also possible. This way a lot of retail traders will be stopped out. Afterwards the price will reverse towards the 1800 area.
Happy Trading!