Gold
This has been stuck inside a tight range for some time now, since we had CPI & FOMC rates this week, gold has broken the low of the range however failed to continue higher.
Weekly bullish swing structure, weekly pullback
Daily bearish
H4, stuck in a range, Thursday we can see there has been a strong bullish internal structure shift.
Notice the 4 hour leg up has no inducement and the body has closed below the previous swing low.
Seasonally we can see there is usually a sizeable pullback on gold during the middle of June before dropping off.
My overall target for gold is to fill the daily gap, ideally before it resumes bullish momentum.
1984 is a key area to see if gold stays below this, we will likely see 1900.
If gold breaks above 1984 and closes I will be considering the pullback is likely over and become bullish.
This has been stuck inside a tight range for some time now, since we had CPI & FOMC rates this week, gold has broken the low of the range however failed to continue higher.
Weekly bullish swing structure, weekly pullback
Daily bearish
H4, stuck in a range, Thursday we can see there has been a strong bullish internal structure shift.
Notice the 4 hour leg up has no inducement and the body has closed below the previous swing low.
Seasonally we can see there is usually a sizeable pullback on gold during the middle of June before dropping off.
My overall target for gold is to fill the daily gap, ideally before it resumes bullish momentum.
1984 is a key area to see if gold stays below this, we will likely see 1900.
If gold breaks above 1984 and closes I will be considering the pullback is likely over and become bullish.