MGC1! Messy pullback, going to wait and see what gold does before entering. Bullish bias, but definitely need more confirmation
Gold Guinea Futures
Gold Guinea Futures forum
MGC1! Messy pullback, going to wait and see what gold does before entering. Bullish bias, but definitely need more confirmation
MGC1! The next hour candle will be HIGHLY important. We could see a dip into that FVG below 3338 to trap bears and then a reversal to breakout from the downtrend.
We're already seeing some bullish divergences in the lower TF, which is why im suggesting one more dip, but the reversal could happen any time.
MGC1! I'm waiting for a pullback to take FVG at 3332 before going longMGC1! We got the break from the wedge pattern, but now im looking for a break above that 3352 and then 3363 possibly reaching that FVG range above. If we fail to break above 3352, we might be looking towards the bearish scenario that I shared on the weekend update.
MGC1! Price hit the FVG and is now at resistance of the wedge pattern.At the same time, we have a golden cross happening with the 9 and 20 EMAs, but it is still too early to know if it is legit or not.
The next level i am watching is 3352.6
Let's see how this next candle closes...
MGC1! Currently watching wedge pattern at works.We need a break above for a continuation up. It could still work towards the H&S that I talked about on the weekend update, but a rejection of a breakout could move price towards 3283 and below.
MGC1! Hello fellow gamblers,
As we prepare for a new trading week, I revisited my EW count and was able to come up with 2 scenarios to present to you today.
- For our bullish scenario, I am looking for a break above 3418 and my next target will be at the 3574 - 3525 range.
- For our bearish scenario, I am looking for a break below 3283 and my next target will be at the 3086 - 2846 range.
- Price went through a consolidation as we closed last week's candle, and we are now at POC.
- Levels to Watch: 3418, 3363, 3283
Idea: $GC / $MGC /Gold - Elliot Wave…
GOLD1! will down now and nifty will be on all time high wait and watchMGC1! The last post did not workout how I was expecting, but it is all fine. I'll post an Weekend update on sunday after I review my analysis on Gold.Happy 4th!
