Hey guys, here is my analysis of Gold last week and forecasting this week.
We see that price has closed with a very small doji last week, with price not really making any sort of move in either direction. The bullish pinbar/doji from 2 weeks ago is still valid.
Immediately after the bullish pin we had a bearish close, but the doji this most recent week has shown that bears are not in control. Representing a lack of supply.
The green rectangle still represents demand, and as long as price does not close below the low of the pinbar 2 weeks ago, I am still bullish.
Overall I am still bullish long term due to the overall conditions of the global markets, risk sentiment due to the US and China trade war, as well as potential rate cuts from the FOMC ahead.
On the daily timeframe price seems to be in a bullish flag/falling wedge pattern. I will update with potential entry points this week. Stay tuned!
Like, comment, and follow for more! I'm always happy to discuss trade ideas and my analysis. Comment or shoot me a pm.
Daily trade analysis and ideas:
Telegram: t.me/Forexdojo
Facebook: www.facebook.com/FXShinobi
Twitter: forex_dojo
Instagram: Jaylen.Forex
Website: www.forexshinobi.com
We see that price has closed with a very small doji last week, with price not really making any sort of move in either direction. The bullish pinbar/doji from 2 weeks ago is still valid.
Immediately after the bullish pin we had a bearish close, but the doji this most recent week has shown that bears are not in control. Representing a lack of supply.
The green rectangle still represents demand, and as long as price does not close below the low of the pinbar 2 weeks ago, I am still bullish.
Overall I am still bullish long term due to the overall conditions of the global markets, risk sentiment due to the US and China trade war, as well as potential rate cuts from the FOMC ahead.
On the daily timeframe price seems to be in a bullish flag/falling wedge pattern. I will update with potential entry points this week. Stay tuned!
Like, comment, and follow for more! I'm always happy to discuss trade ideas and my analysis. Comment or shoot me a pm.
Daily trade analysis and ideas:
Telegram: t.me/Forexdojo
Facebook: www.facebook.com/FXShinobi
Twitter: forex_dojo
Instagram: Jaylen.Forex
Website: www.forexshinobi.com
