3 facts why the gold market found the bottom

3 facts why the gold market found the bottom

1) #EVRB action. Look at the progress of wave 1-2 and its volume. It turns out 141/69 = 2k contracts per tick. Look at the progress of wave 5-8 and its volume (highlighted in the box). 206/46 = 4.4 ticks. The volume is getting heavier, and the progress of decline is drying up. It’s getting harder to push the price lower. This means that the market found support around 1450

2) The Growing Wave 8-9 has great progress and duration in time. This confirms the support around 1450. Pay attention to the growth in the delta at the wave of 8-9 (indicator at the bottom).

3) A growing profile (indicator on the left).

What to expect next.

The wave of decline 9-10 should be exhausted, with a falling volume. This will mean that sales pressure has subsided. The market is unlikely to quickly turn up in strong up-trend. Therefore, when considering buying, it could be a hasty decision. But wave 9-10 (NS) should give more arguments for opening longs.

 

Yes, You Can Become a Professional Chart Reader

To build success in any business, you should rely on things that really work.

In Chart Reading Method, they are three: The Law of Inequality, The Law of Supply & Demand, The Law of Effort & Result.

Download free books, to understand how can you apply the Laws and convert charts into profitable setups daily!

Enter your email to Download books

Start building your success with Chart Reading method. Let’s not go back to what wasn’t working anyway.

No spam is guaranteed.