After an NFP sell-off broke through a demand zone, price is now stuck near the 50-day moving average with all major moving averages converging. The speaker warns against pushing further south, noting institutions appear long, and advises waiting for institutional activity before taking positions.
Hello everybody. Let's look at the charts. So currently this was the first candle and that was the second candle that opened below the atma. I did tell you yesterday that we were still in that supply zone and then after NFP the next day we had a massive candle going south into this demand zone and then we breached the demand zone and we tapped into the demand zone zone below it okay and then orders activated here. So then this morning we had a retrace up above the atma and then next candle opened above and then candle dropped and then the current candle has opened below the ATM so we are still two candles below the atma so we're currently south. We're also stuck on the 50 moving average and all the moving averages are now converging which means that a breakout is imminent. So we'll just wait for the institutions. Today's freaky Friday so risk off and also we're setting candle below the atma don't go south yet because the institutions are long.
Double bottom forming - Gold ready for $4000 #trading #technicalanalysis #xauusd
