Here it is my look on the market right now. The price keeps bouncing from resistance to support. At the support level marked by the arrow price made multiple bounces, sign of a high liquidity zone. Also contrary, it failed to go above the resistence sign that the volume might get weakened in the support zone. I look for a retest in the upper liquidity zone where...
We can see that a lot of rejection at the top liquidity level. Also is a probability that we can see a double top. I will watch it closely on m15 and I will get on this trade if the price gives me the opportunity.
I expect overall consolidation on gold for the next week. We may touch the WEEKLY level at the beginning of the week then go back to 1815 to grab some liquidity then go up to the weekly trendline. It is hard to be accurate in the consolidation phases, that is why we need to use the intraday chart (5m, m15, m30) to get insight on what is going to happen in that...
I expect a move to the lowest liquidity level on the chart. We can see the bearish pressure in the bearish engulfings and in the PA (price action) that is slowing down the upside movement and on top there we have an unfilled gap from the last week. This is what I expect for the next week on GJ.
I expect a brake of the consolidation to the upside! If price will brake that liquidity zone around 152.000, most likely it will visit the last highs of 153.500. I won't place any trade based on this analisys, this will only help us get the feel for the market, the intraday PA is key, at least for me.
I believe that after the strong weekly bull closure wi will see an other pump to at least 1850 and then, a push to the MONTHLY TRENDLINE. This is the overall direction of the market for the next week for me. I am looking forward to see the PA on the intraday chart for the best entries to ride the markets on every move.
