2 weeks since my last post, Gold is finding its way almost at the same level. Currently trading at 1667.5 (6:16PM, ET), volatility and range have increased, although 1685´s have proved to be an important barrier.
I´m watching several (immediate) clusters, in which I´ll look for price action and direction to develop:
I´m working with the above referenced levels, looking for further price discovery into this area.
A brake out of the range, will make me look above 1695-1700 for higher areas of value – 1705 will be the first level I will look to be breached, into a broader scenario.
Shorter-term, 1674-72 is the closest area in which I would be watching as resistance.
A clean and sustained break of 1674, will make me look at 1679-76 – If the latter is breached, I´ll be looking at 1686, which I think it will likely be tagged.
Energy of buyers will provide the clues to more upside, once 1686 is being threatened.1690, 1693 should be another key price points to take into account.
See below the messy chart. Although chaotic at first sight, look into it, there´s an order into that chaos, at least for me.
A downward scenario will provide a retest of previous levels tested over the last 10 days, mainly 1662, 1660, 1658, 1656, 1654 & 1652 as key pricepoints.
I am leaning into the possibility of increased downward pressure, if 1651 gets breached and no supportive buyers response occours. The same hypotesis I´m working with in the event 1652 is breached (first), which will likely bring price towards 1642.
I am leaning towards this scenario, unless I see a strong participacion of buyers around the current 1665 area, possibly into 1663, and that the pressure could be sustained above 1677-1675 area. In that event, I will reassess and will possibly look into higher areas of value beign tested.
The indicators embedded into the charts have proved to be working well. I´m still working and fine tunning them, but so far the have provided clear areas of buying and selling. I´m not intending to create an automated system, although will use the signals to refine my entries, mostly.