Update for Gold market

Update for Gold market

We have detected the strength around 1450.
SLKB under 1450 initiated the up-wave (I marked it with black wave-trend lines)

Let’s update the view using new information from today’s session activity.

1) On the opening, price penetrated the previous minor high and quickly reversed down on the next bars. Potential SLKT.

2) Soon we got ND – lack of volume on up-bar represent the lack of buyers pressure and No interest in further higher prices. Market started to decline.

3) Oh, this is demand entered to support the falling price. Some big interest decided to benefit from buying a cheap contracts. That is why we have narrow range on red bar amid nigh volume (follow blue arrow). What is worth attention – EVRB appeared around duplicated wave-channel line C. So we have to expect the bounce up.

4) IMO, this up-bar with long-up-tail represents the culmination of bounce-impulse. That is why – price is likely to slide toward C line again.

What is next? Line C is likely to be broke down. The visit of 1450 level will give an important portion of price/volume relationships for considerations.

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.