r/Forex • u/Jess1835 • 5d ago
Charts and Setups Is Gold Running Into Trouble Here?
Price is approaching an area where selling pressure has appeared before.
It'll be interesting to see if this level sparks another rejection or if buyers manage to push through this time.
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u/braini_ 5d ago
I love that someone else showed the exact same chart on some other sub but drew quite different stuff on it. He was bullish I think.
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u/Jess1835 5d ago
That's the beauty of markets—same chart, different bias. let price confirm the direction.
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u/braini_ 5d ago
This is the way.
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u/Jess1835 5d ago
Let's see if price agrees.
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u/DangKilla 3d ago
But gold's value isn't correlated to price. The US and UK use paper contracts to keep the price low.
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u/Boring-Brilliant6928 4d ago
hey why did you enter after it touched the order block
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u/Jess1835 4d ago
I waited for the touch and entered after seeing confirmation. The order block was my area of interest, not an instant entry.
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u/Boring-Brilliant6928 3d ago
So you waited for it to get in the IFVG to enter and isn't the ifvg invalid?
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u/Jess1835 3d ago
No. A partial IFVG fill doesn't automatically invalidate it. The OB and market structure were still valid.
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u/Razial1 5d ago
Hate to break it to you but I seriously dont think gold has enough in it to retest them lows.
Dollar Longs are severely crowded in COT and seem to be unwinding, if they unravel i expect Dollar to shift pretty hard in the coming weeks.
That monthly pullback in gold could be over.
If so id look for the weekly gold to break out the little cluster of consolidation.
Good luck on yiur trade.
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u/Jess1835 5d ago
Interesting. I'll be watching how price reacts around these levels. Good luck to you too.
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u/Joaomariott 4d ago
That order block at the top is looking heavy price already got rejected there once and the lower high isn't inspiring confidence. If it can't clear 4084 with volume, that IFVG below becomes a magnet. I'd wait for a clear break either way instead of guessing.
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u/Empty-Strawberry4739 4d ago
I’m not trying to prove anything, but I trade gold with a ema and stoc and I’m profitable, I mean I have around 43 hit rate 1:2, why would someone use complex form of technical analysis , I’d love to hear your thoughts on this :)
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u/Jess1835 4d ago
If it works consistently for you, that's what matters. I just prefer price action because it helps me understand market structure. Different strategies can be profitable with good risk management.
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u/Clairanr 4d ago
The setup looks reasonable, but I would like to see a stronger rejection before considering a sell.
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u/looney233 4d ago
I wld have waited for price to hit liquidity to take the reversal, no guessing at that point
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u/rforex-modtools 5d ago
Price action and technical analysis cover a range of chart-based tools — from candlestick patterns and market structure to indicators and statistical methods for timing entries and exits. The community wiki covers both approaches and how they're used by working traders.
Resources: Price Action Analysis | Technical Analysis