Sorry to all the Trump haters but honestly I must certainly thank him.
Let's also not panic. a 30-50% correction is absolutely normal especially with commodities e.g. Gold, Silver, Copper etc.
I'm seeing a reversal, a lot of people put bets on price being brought lower but this may not be the case anymore.
On the Daily TF we can also see see a Divergence with the MACD indicating a potential reversal.
If confirmation is Bullish pay attention to 4155,4170,4200 & 4235 (Being my target)
There is one thing to note however and this requires a good eye - if you noticed well done
Gold has reached a peak of 4142.93 today. Notice how these highs have not taken the previous highs on this level? (Image below)
I find this quite strange. Monitor NY Closely as they are the market movers however Asia gives us the entries.
Liquidity is sitting just above 4143 being at 4150-4157.
If these highs are not taken I will be continuing to look for shorts as downside is a possibility as well.
One thing to note as well for Gold to go up there must be something going on in the world (Bad stuff)
We need a strong catalyst to push gold high e.g. political tensions or speculations of higher interest rates.
If we are wanting a higher price on gold we are basically betting for US to have strong negative tensions.
Momentum also plays a part on price not just the economical factors.
No Bad news and stable world - Investors will pull out of gold as it is a safe haven asset meaning bearish gold.
Monitor carefully and do your research.
All the info is on the Internet completely free. Check the Feds balance sheet. check what Asia are doing and where Major banks are Investing there money.
Don't just speculate be smart about it and have the most amount of probabilities on you not against you.
Let's also not panic. a 30-50% correction is absolutely normal especially with commodities e.g. Gold, Silver, Copper etc.
I'm seeing a reversal, a lot of people put bets on price being brought lower but this may not be the case anymore.
On the Daily TF we can also see see a Divergence with the MACD indicating a potential reversal.
If confirmation is Bullish pay attention to 4155,4170,4200 & 4235 (Being my target)
There is one thing to note however and this requires a good eye - if you noticed well done
Gold has reached a peak of 4142.93 today. Notice how these highs have not taken the previous highs on this level? (Image below)
I find this quite strange. Monitor NY Closely as they are the market movers however Asia gives us the entries.
Liquidity is sitting just above 4143 being at 4150-4157.
If these highs are not taken I will be continuing to look for shorts as downside is a possibility as well.
One thing to note as well for Gold to go up there must be something going on in the world (Bad stuff)
We need a strong catalyst to push gold high e.g. political tensions or speculations of higher interest rates.
If we are wanting a higher price on gold we are basically betting for US to have strong negative tensions.
Momentum also plays a part on price not just the economical factors.
No Bad news and stable world - Investors will pull out of gold as it is a safe haven asset meaning bearish gold.
Monitor carefully and do your research.
All the info is on the Internet completely free. Check the Feds balance sheet. check what Asia are doing and where Major banks are Investing there money.
Don't just speculate be smart about it and have the most amount of probabilities on you not against you.
Attached Image(s) (click to enlarge)
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