Gold Gold Daily Video, April 19, 2023

Hello Sive , nothing much to update m still there is no clear or definite decision about gold, but what I usually do is allocating strong rejection zones or invalidation levels both from EW and price action because that's where you will get the action or strong moves both by bears and bulls, I take advantage of this by managing my positions in most effective and efficient way.

I shorted gold yesterday at 2011 2008 because my SL was 2015 which is bullish bearish confirmation, and since there was no evidence yet for bullish on daily time frame.

targets from wave B were at 1969 1.414% target with support trend line, and on lower time frame we formed ending diagonal which gave me 85% confirmation we are short term reversing
Anyways in daily I do not see anything interesting for bulls yet, I was hoping for gold to break yesterday high after the collapse which would be perfect for next buy setup, silver however broke yesterday high after the collapse

we broke another weekly low , today Thursday and tomorrow Friday, so gold has to make it to the upside today or give a bullish sign if gold should make an attempt to break weekly high on weekly close
resistance are 1997 yesterday high , 2007 2015

support 1981 1974

I use these levels as invalidation should be broken , meaning SL should be either above or below them by 30 60 pips because upon testing these levels , gold should offer at least 10 to 20$ rejection before giving a confirmation whether to hold , close partially, or manage your risk

I like platinum chart, still breaking new highs and broke daily trend line , metals are still strong
scenarios now either rallies to 2007 2012 , either we break 2015 to turn higher, in this case 2015 2007 becomes support for buying incase you want to trade the breakout

Retest to yesterday low then rally up because I do not like the rally overall since RSI on h4 did not form a divergence yet

a break for yesterday low then I am looking for 1950 43 1934 as targets. but I do not think another daily break lower is good for bulls.

for time being , these are my observations

Trade well , cheers everyone


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am making some count low time frame .. i think we are missing one more wave to the downside , still waves can be deceiving because we are not yet confirmed the the whole drop is impulse or abc with impulse
anyways , with this current scenario , we might form bullish HNS wiht 1985+/- right shoulder formation , am considering this scenario because metals are strong , anyways , should we break 1985 and yesterday low , then game over for gold , it means we are making final wave v and complete C blue .. targets for breakout already mentioned above.
you can use 1985 level to long because am sure lot of traders and technicians are aware of this scenario, so we can reject 1982 level to 1988 that should allow you manage your positions or minimize losses should we break lower .

trade safe, be patient


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