As illustrated, I'm trying to visualize what the next couple of weeks could look like.
Taking into consideration the fact that May + June are corrective months for gold historically (don't believe me; check the seasonality tool...), Is likely for price to range up and down within quite a wide range anywhere between 3300 and 3100 before it enters a bullish continuation impulse by the end of June and into first week of July.
(I have illustrated 2 potential buying areas; one closer to price and another extended one lower)
That being said, one must adapt to such market conditions that will only offer certain structure offering a few intraday trades, but mostly short term trades or quick scalping moves all within a same trading session, simply because as each session comes in, they will target previous sessions highs or lows (ranging back and forth in an uncomfortable manner and without a clear direction).
Asia would target Sydney's open, then London might target Asia's open, then NY might target any low or high in the opposite direction... and so on back and forth without truly holding a bullish or bearish structure longer than a few hours to a full calendar day before it turns around (sideways behavior).
As price reaches "stronger psychological" price levels like 3150, 3100, 3050 and potentially 3000; then you might start seeing evident rejections within higher timeframes (4H and 1D); ideally seeing rejection wick/s followed by a nice push up showing true power and volume to the upside, potentially signaling the bottom of this correction phase.
TIME should be aligned with this market behavior; that means that checking the seasonality tool. every year (on average 5, 10 and 15 years), gold makes a bottom during the first week of JULY...
So... market structure, price, and time must be aligned correctly and it will all make sense whenever that moment comes; hence, the title of this idea.
I am personally not worried about any sort of economic event; news are only gas for the market to move and create liquidity and volatility.
AT THIS POINT, THE ONLY THING THAT COULD TRIGGER A SIGNIFICANT MOVE IN GOLD, IS A GEOPOLITICAL EVENT THAT WOULD TRULLY TRIGGER UNCERTAINTY IN THE MARKETS... .
--
GOOD LUCK!
Persaxu
Taking into consideration the fact that May + June are corrective months for gold historically (don't believe me; check the seasonality tool...), Is likely for price to range up and down within quite a wide range anywhere between 3300 and 3100 before it enters a bullish continuation impulse by the end of June and into first week of July.
(I have illustrated 2 potential buying areas; one closer to price and another extended one lower)
That being said, one must adapt to such market conditions that will only offer certain structure offering a few intraday trades, but mostly short term trades or quick scalping moves all within a same trading session, simply because as each session comes in, they will target previous sessions highs or lows (ranging back and forth in an uncomfortable manner and without a clear direction).
Asia would target Sydney's open, then London might target Asia's open, then NY might target any low or high in the opposite direction... and so on back and forth without truly holding a bullish or bearish structure longer than a few hours to a full calendar day before it turns around (sideways behavior).
As price reaches "stronger psychological" price levels like 3150, 3100, 3050 and potentially 3000; then you might start seeing evident rejections within higher timeframes (4H and 1D); ideally seeing rejection wick/s followed by a nice push up showing true power and volume to the upside, potentially signaling the bottom of this correction phase.
TIME should be aligned with this market behavior; that means that checking the seasonality tool. every year (on average 5, 10 and 15 years), gold makes a bottom during the first week of JULY...
So... market structure, price, and time must be aligned correctly and it will all make sense whenever that moment comes; hence, the title of this idea.
I am personally not worried about any sort of economic event; news are only gas for the market to move and create liquidity and volatility.
AT THIS POINT, THE ONLY THING THAT COULD TRIGGER A SIGNIFICANT MOVE IN GOLD, IS A GEOPOLITICAL EVENT THAT WOULD TRULLY TRIGGER UNCERTAINTY IN THE MARKETS... .
--
GOOD LUCK!
Persaxu
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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.