Gold had entered the consolidation phase after completing the “bullish trap” at the top of the price action. The next possible support level would be location lower, when price would meet the lower band of the Bollinger Bands indicator, as shown at the chart.
The exact pivot point is hard to predict, but given the strong trending market conditions, the buy opportunity would be the next possible opportunity.
According to the information from the CMEGroup, volume for Gold futures is growing, whereas open interest has diminished for the last couple of weeks: that points to a distribution pattern and confirms the displayed scenario.
Don't forget - this is just the idea, always do your own research and never forget to manage your risk!
The exact pivot point is hard to predict, but given the strong trending market conditions, the buy opportunity would be the next possible opportunity.
According to the information from the CMEGroup, volume for Gold futures is growing, whereas open interest has diminished for the last couple of weeks: that points to a distribution pattern and confirms the displayed scenario.
Don't forget - this is just the idea, always do your own research and never forget to manage your risk!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.