For exercise purpose only. Kindly drop comment for feedback.
Indicators used:
- EMA 200
- MACD
Reports used:
- barchart to check the future expiration
- tradingster to check the COT data
Supply and Demand 1H
1. Supply Line: 1758
2. Support Line: 1728
3. EMA 200 trend: Bearish
4. MACD: upward crossover, indicating that the price might go up.
To be considered:
1. Heavy pressure on Gold as DXY is still on bullish movement
2. Based on COT data, there is a decrease of numbers of contract both on long positions and short positions. This might trigger an increase of the USD cash flow, resulting in gold weakening movement. The contract offset activity might be caused by the futures expiration date which is on 29th of August 2022
3. Non-Commercial Traders position is still heavy on long position
Conclusion:
1. Based on TA, the market outlook is bearish at the moment -> wait for the opportunity that matches with bearish setup to enter the market
- confirm whether the price has approached the key level
- confirm whether the MACD showing downtrend
2. Be aware of any news that can drive the bullishness price of gold as non-commercial traders liquidated their future contracts and getting ready for the right momentum to enter the future contract, causing the rising price of gold
Indicators used:
- EMA 200
- MACD
Reports used:
- barchart to check the future expiration
- tradingster to check the COT data
Supply and Demand 1H
1. Supply Line: 1758
2. Support Line: 1728
3. EMA 200 trend: Bearish
4. MACD: upward crossover, indicating that the price might go up.
To be considered:
1. Heavy pressure on Gold as DXY is still on bullish movement
2. Based on COT data, there is a decrease of numbers of contract both on long positions and short positions. This might trigger an increase of the USD cash flow, resulting in gold weakening movement. The contract offset activity might be caused by the futures expiration date which is on 29th of August 2022
3. Non-Commercial Traders position is still heavy on long position
Conclusion:
1. Based on TA, the market outlook is bearish at the moment -> wait for the opportunity that matches with bearish setup to enter the market
- confirm whether the price has approached the key level
- confirm whether the MACD showing downtrend
2. Be aware of any news that can drive the bullishness price of gold as non-commercial traders liquidated their future contracts and getting ready for the right momentum to enter the future contract, causing the rising price of gold