$XAU - if you remember what I say about my weekly plan. . .
Long is open with target zone 5120-5380
XAUUSDT
Perp
4,929.5
-3.07%
Post
$XAU What's happening in gold? - My weekly plan
The weekly candlestick's close almost at the previous week's open indicates a high probability of an upside move - the wide zone markered in green.
Monday saw an increase in open interest with a slight price increase, which more likely indicates the closing of long positions and opening of shorts.
The price did not break out of last week's range.
Tuesday - the Asian session pushed the price below Monday's close and formed a range of only 50 pips (5058-5008).
In my experience, a range expansion should be expected, and in this case, downwards for an upward reversal.
The downward projection of the Asian range indicates levels 4958 and 4908.
4943 - 62% of the weekly range.
4866 - 50%.
To hedge my positions in the majors (I still expect a slight correction), a short position was opened with a target of 4859 (enough for me).
The main plan for gold this week is to open
Long - if the price drops to 50% or lower - with a target of 5168 - 5370 (scaling profit and trailing stop).
If the price goes higher, fills the gap marked almost under the all-time high + open interest and volume confirm my assumptions - a short will be opened with a very tight stop.
be safe
#GoldSilverRally #RiskAssetsMarketShock #XAU
The weekly candlestick's close almost at the previous week's open indicates a high probability of an upside move - the wide zone markered in green.
Monday saw an increase in open interest with a slight price increase, which more likely indicates the closing of long positions and opening of shorts.
The price did not break out of last week's range.
Tuesday - the Asian session pushed the price below Monday's close and formed a range of only 50 pips (5058-5008).
In my experience, a range expansion should be expected, and in this case, downwards for an upward reversal.
The downward projection of the Asian range indicates levels 4958 and 4908.
4943 - 62% of the weekly range.
4866 - 50%.
To hedge my positions in the majors (I still expect a slight correction), a short position was opened with a target of 4859 (enough for me).
The main plan for gold this week is to open
Long - if the price drops to 50% or lower - with a target of 5168 - 5370 (scaling profit and trailing stop).
If the price goes higher, fills the gap marked almost under the all-time high + open interest and volume confirm my assumptions - a short will be opened with a very tight stop.
be safe
#GoldSilverRally #RiskAssetsMarketShock #XAU
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.