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Below the updates, you will see the original charts showing buy/sell zones
Published 6/8/17 9:22 am central:
Gold is a market I have had my eye on. We have highlighted several buying opportunities in the MDA updates on this bullish run up to 1300. Those who are using the charts on their own have been able to participate in many of these trades that we have discussed over the phone.
Gold made a run at 1300 and failed to break and close above. We have seen selling levels penetrated on the shorter time frames so we have a most recent bearish tone in place when looking at Market Action Scanner. However, when you look at the Daily and weekly time frame, we are seeing a couple interesting items.
When looking at the Daily time frame, you see that we have had new levels form and we are now pulling back to that top zone and sitting on a very high volume zone.
When looking at the weekly chart, you see that we traded through the weekly top zone but we have been unable to hold but we still have time today and tomorrow to challenge and close above. Essentially we made a run @ 1300 and Bulls failed to break it. I think they will be targeting that again.
Below you will find both the Daily and Weekly Charts. Look to play this retracement using these levels. When using a daily time frame risk is always extended further, but we look to take larger profits.
Remember their Mini and Micro contracts in gold. Specifically look at these minis below.
- ZYG – ICE Gold Mini Contract – 3rd the Size
- QO – CME Mini (Wasn’t too popular of a contract until ICE changed their data fee structure – Half the size
CLICK IMAGES TO OPEN CHART CONTENT
MDA SnapShot: August Gold Daily Chart 6/8/17
MDA SnapShot: August Gold Weekly Chart 6/8/17
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