Whether you are looking to trade the week ahead or just want want to know how the markets are lining up, Mr Ionic breaks down Gold and Bitcoin for the week ahead.
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Last week gold make a strong change in trend direction to the downside, with large strength behind both days after the USD interest rate announcement.
If we stay with the current trend there are a number of strong sell-side imbalance areas as resistance which will continue to force price lower if the volume comes back into the imbalance areas. In the worse case scenario price will retrace back into Thursdays imbalance area before a move back into the trend.
Price breaking higher above 1797 would not be a big concern as we still have sell-side resistance. Any move above 1825 would potentially be a sign of the market wanting to move higher.
With the consolidation nearing an end, and daily volume about to break the weekly average it could be a good time to be bullish. Stay focused on todays low being broken on Monday as this would mean price wants to go lower.
Break of $33,000 would be a sign of weakness, with $32,000 being the last line of support. Above the current price there is a sell-side imbalance area at $36500 – $38,000.
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