!!!! read this and behold 😄 adding sells the lower and the higher it goes
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@HaythamAbuSara
Just made this up for you... I ain't no Elliott wave expert, but I think it's fairly close. This is my view. I added the fib extension on the right after I made the ghost bars. In a nutshell, I think we'll see 1886 area tomorrow after news, a re-test, then further down followed by the bottom of the wave pattern, equal lows and double bottom forming a W shifting back to bullish somewhere around the 1800-1825 area... the rest is self explanatory. I'm sure it ain't perfect by any means, but it's kinda what I am expecting overall... tried to make it look somewhat realistic Lol
Gold Market Outlook
Gold prices are being closely watched by investors due to upcoming U.S. inflation data and the Federal Reserve's stance on interest rates. Here's the breakdown
Current Situation
Gold prices are currently around 1,913 per ounce. The recent weakening of the U.S. dollar has slightly boosted gold, making it more attractive to international traders. However, rising yields on U.S. Treasury notes are limiting gold's rise. The key event to watch is the U.S. Consumer Price Index (CPI) data coming on Wednesday, which will influence the Federal Reserve's interest rate decisions.
Possibility of Rate Hikes
There's talk of the Fed potentially raising interest rates later this year. While the odds favor the Fed maintaining rates in September, there's a 41% chance of a rate hike by November. Fed officials are cautious, but they haven't ruled out rate increases.
Gold's Path to $2,000
For gold to reach $2,000 per ounce, a few things need to happen. The Fed would have to become less hawkish, the U.S. dollar needs to weaken, and Treasury yields should fall. Until we see the CPI data, the gold market is expected to remain uncertain. If the CPI data meets or exceeds expectations, it could temporarily dampen gold's performance.
Technical Analysis
Looking at technical aspects, the current price of gold is below key moving averages, indicating potential bearish sentiment. Support levels are around 1,893 to 1,886, while resistance is between 1,947 and 1,955. With the price below these moving averages and no strong support, the short-term sentiment leans bearish for gold. In simple terms, gold prices will be influenced by inflation data and the Fed's interest rate decisions. The path to $2,000 per ounce is uncertain, and technical indicators suggest a bearish outlook in the short term.
According to this... perhaps the price of gold in the next 56 hours will still be in a high volatility situation and it will be difficult to get big movements. because it requires a lot of discipline and patience. The CPI may be a bit disappointing in terms of movement. but astrology for some people is a fairy tale, so this is just for fun.
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I hope so ..inline with swing entry and continue down
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Now setup LPSY for distribution or break swing high.
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Distribution or re-accumulation ? Waiting 1912-1913 reaction
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You must follow me closely if you want to understand my UPDATES... I send charts once and do UPDATES as PRICES keep moving... I can't be sending chart for every UPDATE when I've already sent with every explanation 🤷♂🤷♂🤷♂...
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Remember this @Moredays10 ... that's what gave me more CONFIDENCE that it'll drop for it
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hey guys, can anyone share gold daily chart view? cuz i have something good to share
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It was impressive mate , to say MUST and price did exact ....it's phenomenal. Kudos.
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The $Apple event is underway, and since Apple is listed on Nasdaq, it could potentially lead to increased volatility in Nasdaq.
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i didnt check charts in the last few hours, so tired and exhausted, can't really focus, but price still didn't finish this down move probably until the end of the week we will be bearish
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Hey buddy... sorry for late response... actually it's 1894/3 - 1912; that whole zone has good BUYING PRESSURE... but my challenge is that almost every level in-between is good for BUYING... I think SCALPERS are the ones who can cope... I shouldn't even have sent it cause it has too many levels and can be confusing or burdensome for some traders... I'm just observing... maybe few hours before CPI I can share my clearer view on BUY-SIDE... if seeing nothing then I'll just stick to INDICES 🙏
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But due to new WEEKLY candle... there has to be some changes on ENTRY LEVELS
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Confidence is not a sin... I BELIEVE IN MY STRATEGY MORE THAN I BELIEVE IN YOU 😅😅😅... kidding mate😁😁😁... Looool, of course, I do not always use MUST except I'm 100% sure... Remember last time I gave SELLING levels 1933 and 1935 to SELL from and indicated that they might give some serious SWING or just SCALP... unfortunately they didn't hit (1930 became stronger RESISTANCE)... Last week I sent a chart on WEEKLY; so GOLD must retest that BREAKOUT... 90% OF TIMES, PRICES MUST RETEST- that's where confidence comes from 😅😅😅
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