Gold With A Pullback (GC)

Trader • Aug 14, 2020 at 6:23 AM EDT

Observations on the Gold Futures market.

The gold market (Futures December contract) slips lower with a pullback after a strong bullish trending market which occurred for several days. However, the market found support off the HTF EMA50 on the daily periodicity and could establish a new balance area. A retest of the current lows to find some new buyers for a bullish scenario is probable.

The HTF perspective is bullish while the weekly periodicity broke the one-time-framing higher behavior this week. Macro perspective testing quarterly bracket high for potential sellers.

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Disclosure: All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.