Gold Triangle, Targets&Direction on GC 04-13 E-mini Futures

After few days of consolidation on Gold and Silver, I was happy to see something interesting for next week(s). Will go from Monthly to Daily (1440min chart) with Direction & Targets.

Gold Triangle

Gold Triangle Monthly:

As you can see, on long term we are in Bearish triangle. To keep this movement on long term, we have to break are bearish channel on weekly chart.

To do this,Buyers need to pass my orange area price. And then, retest gold price around 1700.

Gold Bearish Channel:

Gold BearishGold …. Weekly:

On weekly chart Sellers never was able to close under 1573 price. And we finish  without closing under “Down” Red trend line.

For next movement I would like to see Buyers go back to my orange area,retest this price and fail. This way Sellers will be back on market, to retest price at 1543.the multiple double bottom. Will see then, if they have enough strength to pass this price. and if not, we are going back to 1700 price.

If sellers will keep pushing down to retest 1543 price. They may not have enough strength at all to pass this price, and have more chance to fail to pass this price. On volume, we can see Sellers winning most of the time and volume increase every move. if they keep pushing down…they need to increase they commitment every time. It won’t be easy to reach 500-600k in volume after last movement.

Gold Targets&Direction

Gold Triangle on daily (1440min):

On my last post, I give few different scenario what can happen.The winner was my “1st way”. got my 2 Targets “Long” and Short” .

On the move down, Sellers lost they momentum  wasn’t able to retest 1554. and fall in consolidation. In this consolidation, they try to push many time price lower than 1571, but never was able to close at this price. It may be a surprise ,but yes on next week,I’m both. More “Long” than short.

Why? Because on last move, sellers bring price lower than usually. and after few days of consolidation  they probably have enough strength to retest 1543…or maybe it was the last try for now.

Witch direction pick? Long or Short? I will say, Long are much more interesting than short.

Short: If sellers retest 1570 and close under on Monday, they will try to go once again at 1543 price. If yes, wait till they get exaust and wait for “long” signal. always watch who’s in control!

Long: We are in a small Triangle. Buyers need to get out of this consolidation and with at least 200k volumes.

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