GOLD trade ideas - Start of the Year

Hi fellow #Steemians

I will start the year with an analysis of #gold and I will post what I think might happen in the next few days.

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PREVIOUS POSTS with Gold analysis can be found in my blog.

First we will start with the Daily chart.

As you can see we are still on a bullish trend. It is normal to have corrections and the ascending channel for gold has a lots of pips, but the main tendency is up and with the fear of Omicron (although it is milder according to authorities, it spreads faster) but the main concern is inflation and economic recovery which hasn't been that good so far, so there is a high demand for #safeheaven assets.

On the weekly chart we can see a bearish trend line and a resistance in the 1865 area

As you can see on the monthly chart, we are now at the previous ATH and resistance, but with the bullish structure that hasn't been broken I expect it to be tested again and create support for visiting the 1830-1840 area.

But that is a long play and plenty of things can happen in between.

What I don't see really in the near future is a re visit to the $2,000 USD area. Another major lockdown is needed and lots of fear in the market for that to happen. So now lets focus on what to expect in the next few days.

On the Daily we are now at a known resistance and key level.

For it to break we need 2 things - News that will come out later today for NY session and liquidity - So now we should take a look to the 4hr chart.

Yesterday we had a nice drop and today we had a pullback to the 50% area approximately, so for Asian session and London I would be expecting a drop to the 1805 or even further to the 1798 area.

This before the markets can grab enough liquidity to break the 1815 and continue to the 1830 area of interest.

This is not a buy or sell indication, wait for your confirmations according to your trading plan and measure your risk.

If we break the 1798 area, I will be expecting a deeper pullback to the 1785 area to test the bullish trend line.

Until Pa confirms what we are expecting don't place any trade, because this pre asian can give a surprise and we can continue going up without retrace of liquidity grab, or we can go further down, so always act accordingly to what the PA is telling you.

THIS IS NOT FINANCIAL ADVICE OR SUGGESTED TRADE.
DO YOUR OWN RESEARCH.
THIS IS ONLY A JOURNAL FOR MY USE OF MY TRADING IDEAS AND PROVE MY SETUPS.
IMPORTANT!!! ALWAYS USE STOP LOSS AND REMEMBER THAT LEVERAGED MARKETS ARE RISKY AND YOU CAN LOOSE ALL YOUR MONEY. NEVER INVEST WHAT YOU CAN’T AFFORD TO LOOSE.