Gold Gold Daily Video, May 03, 2023

[Sive Morten]

Good morning,

Gold market has shown strong jump yesterday on a JOLT report. To keep short-term bullish context, Gold should try to stay above 1998-2000$ 1H support area and avoid drop back inside the triangle. Otherwise, short-term context could change.

 

[minimax]

It can explode on both sides.. 3rd is longer than 1st so.. or it has really short 5th..

 

[Tradeitanyway]

good morning Sive , traders


I will make most important updated
our analysis was accurate , it was wave 4 triangle bullish break out and we are currently in wave 5, meaning we should be in final stages of the rally. Also gold is well known that before reversal, a sharp rally takes place.


I am not focusing on EW now a lot , I'd rather trade price action

yesterday we discussed potential scenarios of short positions at 2036 2037 , the trade was good offering 20$ pullback which should be enough to keep you profitable in case your stops at break even. If you were short, you should have taken into consideration daily close yesterday. The closing suggested potential new highs. We did not form any bearish grabber candle that should encourage us to keep short positions or to sell again.

since gold in strong bull trend I'd rather ignore lower time frame now and focus on higher time frame targets because that's where is action will be. Targets of retracement from last correction was 1.414 2081, we we got close to it by 10 pips which should be enough. Next will be 2097 2100+/- 1.618% target and retesting upper bullish channel which should be strong resistance zone.


as price action , looking at daily candles, we can see strong bullish daily candles, correction is within 30 40% of previous body, 2030 2025 should be ideal levels to long because first they keep harmony of candles, second they are clos to 38.2 and 50% fib level of previous rally from 1970 to today's high.


2016 should not be broken from EW perspective to keep short trend uptrend. A break above 2058 2064 is good for bulls to retest highs or new highs.

we are currently forming shooting star , but unfortunately we cannot know for sure how market will close since there are many positive catalysts driving bulls like debt ceiling, Fed, rates, bank crisis, stock potential collapse, and yesterday the attack on Kremlin, Russia accused NATO of plotting assassination for Putin, so something is being cooked.

will be watching other metals especially silver if we break 26.10

Regards

 

[Tchurik]

Hi Sive, Hi everyone,

For the bullish view on small timeframes there's this H4 canal, i take a buy market now for short term trade, with invalidation on a 4H close below the lasts bottom
If we break up my green zone we could expect the upper border of the canal.
I totally agree on Sive analysis though about 1950 zone that would be my next entry point.

View attachment 83405

TP Done +80 dollars !!

Let's keep it simple on gold, buy every single retracement! I will keep my long term exposition until 2150-2200 for a first take profit, but if we break the ATH, gold will kick sellers, and there will be no retracement as he always does. I will buy the last green resistance/support zone for intraday setup around 2010. I'll also update on natural gas soon in the Gold Pro thread.
Thanks for all Sive, a nice day to everyone