It's been a while since I last posted here and it has also been a while since a came online at least for up to 5 or 10 minutes reading other authors articles. Have been so much busy these days with real world activities and they are becoming so overwhelming.
My usual trading activity is completely a part of me, no matter how busy I am with real world deals, I always find time to trade gold and to make at least a little analysis. We have seen how the market is these days and earnestly most people are already giving up, especially with the crypto market.
We will be focusing primarily on gold market, while touching a bit o the crypto market. So let's move in without much I do.
So we have seen how gold surged in price to $5,500 price levels which happened to be the new ATH for gold. However, price didn't sustain at this price level, but gold posted a very strong bullish resilience. Price hovering above $5,000 price levels, was a very strong bullish momentum. Since it's the market's nature that what soever goes up must surely come down, gold dropped in price below 5,000 price levels, indicating a temporary increase supply.
From my analysis, this drop in price might continue even to 3900 price levels. I Think if you were hoping to go long or buy, I will advise that you have a little patience, price should drop lower before buying the dip, except for quick scalpers who would want to profit from every single market moves ( which significantly increases the risk for losses).
The best strategy towards this is to wait.
So while the volatility in the market increases, I took advantage of it to catch little profits on gold from four (4) opened positions:
I watch these positions run into 150 and 140 dollars each. I perceived earlier that prices were going to drop massively due to the demand and supply indicator I was constantly observing, coupled with my plan of work.
I hope to see gold drop to $3900 price levels next week.
We can't deny that the effect of this current crypto market bearish nature hasn't left a great shaking and fear in us, shifting our market sentiment greatly. currently, traders' fear and greed index reads at 32% according to Binance. My analysis on crypto market shows we may be heading to 38k price levels, but currently Bitcoin is showing signs of strength from the lower time from, while the overall sentiment remains bearish.
I can't really say much on crypto market now, due to different confusing variables the market keep posting. My advice is that, you don't try to be smarter than the market. Be humble otherwise the market will humble you.
See you again folks.
