Gold With A Pullback (GC)

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.

 

Visit our trading community to learn a more indepth analysis process with various tools such as the VWAP or Footprint chart.

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William K. 4 years ago Member's comment

Interesting.