Currently, Gold is ranging within a pennant formation and is ranging towards the apex of the pennant pattern.
Price is below 8EMA and 50EMA. We have liquidity below 1758 Zone and the price could drop to grab sell side liquidity in the coming week.
We have two major news events this week. 15th DEC, we have the FOMC statement, and on 16th DEC, we have the ECB press conference. These events can cause volatility which can be used to grab liquidity.
We need to observe the price in the coming days. If we start seeing Daily candles close above 8EMA, this will be early indication of the bullish seasonal trend starting. Daily candles above 50EMA will be further confirmation of the bullish trend.
We are expecting range-bound price action until after the ECB press conference. However, it is challenging to trade this price action; therefore, it is advisable to trade with caution until we see a clear change in market structure.
We are expecting Gold to turn bullish, and we will be looking to take long term seasonal long positions after the ECB Press Conference or if we see price above 50EMA.
Price is below 8EMA and 50EMA. We have liquidity below 1758 Zone and the price could drop to grab sell side liquidity in the coming week.
We have two major news events this week. 15th DEC, we have the FOMC statement, and on 16th DEC, we have the ECB press conference. These events can cause volatility which can be used to grab liquidity.
We need to observe the price in the coming days. If we start seeing Daily candles close above 8EMA, this will be early indication of the bullish seasonal trend starting. Daily candles above 50EMA will be further confirmation of the bullish trend.
We are expecting range-bound price action until after the ECB press conference. However, it is challenging to trade this price action; therefore, it is advisable to trade with caution until we see a clear change in market structure.
We are expecting Gold to turn bullish, and we will be looking to take long term seasonal long positions after the ECB Press Conference or if we see price above 50EMA.