Gold Analysis Befor News EP1
That is gold for you. You can still enter a buy position, scalp it for 50 pips, and wait to see whether the price breaks symmetrical. If resistance is broken, enter a long position at symmetrical because the price will retest. Otherwise, watch out for a change in structure at that level. Beyond resistance, you should be eyeing 2544.45; ignore the news the Bachwezi have spoken.
Gold might break above that resistance with the news momentum. If you look at the daily chart, you will see that candle structure is an accumulation for a continuation. Gold has already retested the previous break on the daily chart, so the daily trend is still bullish.
However, we should also consider that at that resistance is the HH, so if price breaks creating a new HH institutions will take profits, and the market plunges again for their new positions.
I expect the news to create a long wick. If this happens, expect the price to engulf by the end of tomorrow. Either way, on the daily, we might not go beyond four candles before we see such a formation. Why? Gold is at its highest; institutions place contracts below, and price will collect that. Given it's the end of the month, new contracts for them mean precisely that.
Gold might break above that resistance with the news momentum. If you look at the daily chart, you will see that candle structure is an accumulation for a continuation. Gold has already retested the previous break on the daily chart, so the daily trend is still bullish.
However, we should also consider that at that resistance is the HH, so if price breaks creating a new HH institutions will take profits, and the market plunges again for their new positions.
I expect the news to create a long wick. If this happens, expect the price to engulf by the end of tomorrow. Either way, on the daily, we might not go beyond four candles before we see such a formation. Why? Gold is at its highest; institutions place contracts below, and price will collect that. Given it's the end of the month, new contracts for them mean precisely that.
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