Gold GC-Mini Market Analysis
This week the Gold GC-mini printed more daily red bars than green, a rarity in this historical bull run. Price retreated down to the 50% of the parabolic range and subsequent correction, then bounced a little higher, ultimately finding support at the nearby daily moving average. Price is still searching for an area of agreement. Price has recently spent the past few days ranging between the $5000 – $5200 area.
The Weekly Gold chart
- Outside bear bar though the body could not close beneath the previous week’s bull body.
- A large tail beneath a large bear body shows bulls eager for dip buys.
- Bear bar was able to close beneath the 50% mark of the week’s range.
- Bears want to follow through to the downside with next week’s bar.
- Bull channel still intact.
- Bulls want to maintain the dramatic amount of space between price and the moving average.
- Bears want to close beneath the neckline from 2 weeks prior in order to put in a lower low, thus breaking market structure.
- Bulls want to continue treating all pullbacks as buying opportunities.
The Daily Gold chart
- Large opening higher gap between Monday and Tuesday, and another smaller higher opening gap between Wednesday and Thursday, both put in a bear bar, not common. Usually body gaps show enthusiasm to continue in the direction of the gap.
- Monday’s bear bar gets a strong follow through on Tuesday.
- Price retreats to the moving average where it is met with buyers.
- The moving average is acting as both a price magnet and a form of support.
- Price remains at the bottom of a bull channel that dates back to the parabolic correction.
- Bulls want to continue channeling upwards putting in higher lows and higher highs.
- Bears want to keep the space between the moving average as small as possible.
- Bears want two consecutive strong bear bars closing on their lows beneath the moving average, in order to flip sentiment to always in short.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
