Gold drops $83 from highs — back to key range? May 5 XAUUSD

Hi, I'm Daniel, an active prop trader with 8 years of total experience. I can help beginners with trading. FX community Trading Lab aims to help you become profitable.

We are currently operating this service. For more details, please see the description box of this video. Today's post was also about technical analysis of gold, as shared within the community.

I would like to talk about this while also including some of the above. As always, I'd like to start by giving you a short-term perspective. Currently, we are in an upward swing, so the short-term outlook is bullish.

I would like to proceed with this. However, I will explain the details from the chilled version onwards. I will explain, but the current upward swing is a return to the cooling range.

I think that's what will happen. Therefore, it's returned to the inside of the cooling range. Regarding the latter, it will still be the initial driving force behind this current upward trend.

Regarding whether this is merely a series of processes to create a rebound high, I cannot evaluate that, so please keep that in mind. Now, as usual, let's start with a detailed explanation of the chilled version. Gold is a cold trend, but the previous day's cold trend was confirmed by a large bearish candlestick.

As I originally explained in the video from the previous day, a bearish doji candlestick Because a certain pattern is forming, the short term tends to be a horizontal range. We were talking about how the previous day's chill was a large bearish candlestick. It is formed by and the rest is clearly breaking out in the past.

Therefore, the short-term horizontal range has broken down once it has broken down. I think it has taken shape. However, regarding the horizontal multiplier, it is what is called I also believe the magnetic effect is at play regarding the initial breakout.

In fact, the price tends to revert to its original range. Regarding today's situation, the market has been testing higher prices since the opening, and the range is Touching here in the shadow creates a shape that looks like it's temporarily attached to a mustache. Therefore, regarding today's chilled food scenario, two patterns are possible.

I think the first is to continue the follow-through in the past. When that movement appears, what kind of follow-through is it? Regarding whether it anticipates movement while sleeping, it represents 50 percent of the actual movement of the feet.

The cooling process is carried out in a way that retains the negative characteristics described above. Alternatively, if the negative signs of peaceful sleep and intermittent sleep appear in almost the same position, Regarding the formation, I'm considering these two patterns. Also, as a bullish scenario, this The trend continued smoothly, as if trying to test high levels of sleep, and the positive result remained a concrete evidence.

So the price is returning to within this horizontal range, which is a bearish development. Is the situation such that a bullish scenario can be considered? I think that, based on the above, we will look at the temporary monitoring.

Regarding this, the previous day we distributed the following information to the community. Basically, the setup is to buy at around $4652 from the current rate. Once formed, the long rig is completed inside the chilled range.

The previous day's YouTube video mentioned that they wanted to consider it in that way. I think the filming was taking place around here, but at that point there were two We've been highlighting key price points, and we're talking about the price ranges at these key points. If a buy setup is formed here, then go long.

They'll probably set up their rig around here. So, this is the scenario I was thinking about. Another, more pessimistic scenario.

Regarding the case where this milestone is broken out in the past, This would be a bearish scenario. In that case, first of all, we have this double top. Looking at the shape, I'll consider trading according to that measured move.

We were talking about the previous day, and then we reversed the topic here. When evaluating the processed swing and this momentum, to determine the direction The downward momentum wasn't particularly strong, so I diluted it. It's natural that we tend to see a lot of changes in this price range.

We were talking, and to summarize, basically yesterday's broadcast Since it was not below the holiday price at that point, it is in an upward trend. Therefore, although it may sound condescending, "chilled" referred to the microwave. I was talking about how important it is to be able to flexibly shift your perspective.

Ultimately, the price broke out after passing the previous day's level of around $4652. Let's look at the price range from the highest price after the broadcast to the most recent low. This represents a drop of approximately $83.

Therefore, the bearish scenario is realized. I believe that was the case. Now, regarding the broadcast from the previous day...

That concludes the answer key, but today we were distributing to the community members The content will begin with a detailed explanation of what will happen from today onwards. Earlier, we were talking about the possibility of it returning to the inside of the microwave oven. What milestones are you paying attention to?

What kind of developments are you anticipating? This article provides a detailed explanation of the matter, as well as a review of the previous day's market performance. I've been streaming every day from Monday to Friday, but I'd like to look back on it.

We reviewed the key points of the setup together today. That concludes the Gold broadcast for today. Regarding today's discussion, my current perspective is...

That's a condescending attitude, however, I'll wait and see if the trend returns to chilled microwave ovens. The possibility of a subsequent trend reversal, or a series of processes that create a retracement high. I would like to evaluate whether that will be the case. That's all. This is what it will be