GOLD

From the technical views:

1. From the monthly perspective, price moving to the upside aggressively without any retracement, we can expect a retracement coming soon and retrace to at least 38.2 FIB level, so this level will be our Monthly target.

2. From the weekly perspective, the price made an impulse to the upside followed by a correction, we still can expect continuation to the upside to complete the ECW pattern on the weekly timeframe . So, the weekly target can be the bullish scenario target.

3. From the daily perspective, price is sitting around the major key support level , it could be moving to the upside from this level or break below it and create a kinda small HNS pattern.

From the fundamental views:

1. Big players are bullish bias on gold in the long term but bearish bias on gold in the short term, which means they are start shorting the gold at the moment.

2. In the new report, more longs positions are keep closing and short positions are slowly increased on their open interest. Total around 20k of the longs positions are closed, and 1.6k of the short positions added, we still can expect gold starting to be weak at the moment.

How to approach GOLD?

1. Monitoring the lower timeframe at the moment, if the lower timeframe should bullish scenario, find the long opportunity and targeting the "Weekly Target" if your rules of the strategy are fulfilled.

2. If the market break and close below the daily support level , and it becomes resistance level , switch to lower timeframe find the short opportunity and targeting the " Monthly Target" if your rules of the strategy are fulfilled.

The result might not follow my analysis, this analysis is based on the TA & FA perspectives.

Comment down below let me know your view on GOLD or which pairs you would like to me analyze in the future.

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