The Gold market has recovered very strongly in the past 3 months, helping to bring Gold back near the old peak.
Let’s follow Blackmantrader’s trace of what signals the market has given in recent times:
+ Medium and long-term: On the MN timeframe (month frame), Gold closed the January 2023 candlestick at 1927 – As a very pronounced bullish Engulfing candlestick , confirming that the attack power of the bulls is still very large. We also see that Gold has touched the previously created Supply Zone of the Month frame (the larger the timeframe, the more valuable the barrier). So Month Candle has pulled out a slight beard when touching here.
>= Gold will soon continue towards 1965 and there will be 1 strong PRICE REACTION here. (The price reaction means that there will be a sudden rise and fall sharply in a short time but has not confirmed the market direction). But according to Blackmantrader’s personal opinion, Gold will create 1 pinbar or 1 Engulfing to reduce the weekly frame appearing here because 1 rally is too long, there has not been a recovery since the last strong rally of gold. The 1st month candlestick will level off at this price zone.
In the short term: Yesterday gold closed D1 as 1 pinbar Strong increase => For a further bullish signal will soon reach the price level of 1940, probably right today – And the level of 1940 will be the highest this week.
Command Reference:
Buy 1915
SL 1910
TP1: 1925
TP2: 1935
Sell 1940
SL 1945
TP1: 1930
TP2: 1920
Blackmantrader: I wish everyone successful trades
