Gold is deeply bearish on the daily chart, trading far below its 8-period moving average with strong red candles. The presenter expects consolidation and further downside toward multiple demand zones, with FX Blue sentiment at 61% leaving room to fall. A break above the current demand zone is unlikely this week.
So the chart is playing out exactly as I thought it would. What I can tell you is that the candles are extremely red and we're very far away from the 8 exponential moving average. So the probability of there being a reversal back to this point over here, or when the next candle opens, the 8 exponential moving average is going to drop further and then I'm expecting the price to return back to those levels. That's high probability, doesn't mean it's a reversal, just means that we need efficiency in the market. Breaking past this demand zone over here, I don't think that it's going to happen this week. We'll probably have consolidation here and they'll need liquidity to be able to do that. Let's go and look at FX Blue and see what the sentiment is. I just want to refresh my phone. Yeah, so it's 61%, which means that there's still more than enough room for the price to go further south. So this is definitely not over. I've drawn more demand zones. I think there's one in between here as well. So I think if we shrink up— where's the price? The price is there. So yeah, we've got like a demand zone in this area like here as well, and there's other demand zones. If I shrink it, there's other demand zones here also. So there's demand zone over here and a demand zone over here. So there are small demand zones there for the price to catch, but we'll talk about that next week when the price falls further. Cool, I'll see you on the groups. Cheers.
Double bottom forming - Gold ready for $4000 #trading #technicalanalysis #xauusd
