MojtabaPourmehdi

MojtabaPourmehdi

There is a possibility for a H&S to form up. 1798 is the failing point

MojtabaPourmehdi

During previous weeks I supposed that gold can move to higher levels, especially after being repelled from 1680. But there is not enough fuel to push it up, plus vaccination and reopening of the economy makes it harder and harder. So I was considering how those analysis can be failed and what happens if 1680 support cannot stand. I think in such a setup, gold can...

MojtabaPourmehdi

I think It's not a good time for 1760$

MojtabaPourmehdi

I believe this candle is a stop hunter and we can expect a downward pullback to areas marked in the chart. We have 200 EMA as a strong resistance. In the long run I think it is still bullish.

MojtabaPourmehdi

Gold has been declining for a long time and now it is on the lower edge of descending channel and other support levels I mentioned earlier. So we can wait to see what is coming up. Today, senate may pass the 1.9 b$ stimulus and that will be the stimulus for a good upward move in gold. As we saw yesterday, Non-farm payroll was a brilliant surprise, making jobs...

MojtabaPourmehdi

After a 26 dollars rally upward and crossing the down-trend, there we see a correction phase which can be considered as a pullback. Let's see what happens. If it rebounds from these levels buy position is a good choice.

MojtabaPourmehdi

There are multiple support areas between 1705 - 1670, more condensed in the middle. I assume there would be an upward momentum during the upcoming days, maybe after meeting the support zone. 1704: uptrend 1698: Lower edge of the flag 1696: Higher edge of support zone 1692: Level 0.382 of Fibonacci Retracement 1670: Lower edge of support zone We can see RSI...

MojtabaPourmehdi

A head and shoulder pattern is formed, and the bearish trend broke upward. In the pullback buy position is a low risk.

MojtabaPourmehdi

We can see multiple reactions to the pitchfork's midline and every time the price has been deflected at least 40$. So I assume it is possible to open long positions for upcoming days and TPs 1820, 1850 and 1870.

MojtabaPourmehdi

There has been multiple confirmations on the parallel channel, Let's see if this one is going to work on it. What can make us worry? The last attempt was not a touch, but penetrated through the upper edge.

MojtabaPourmehdi Updated 

As we can see, we are on the midline area and an upward momentum is obviously dealing with 1.33 But I can not assume higher levels be a sustainable resting place, and not in near future -maybe a week or two- lower levels near the lowline of the fork be met. In this case a double top pattern will be formed to persuade traders short their positions. Since there...

MojtabaPourmehdi

Climbing up to the top of the parallel channel, now the uptrend faces much more challenges: Buyers may take their profit and Sellers have set their sell limit orders in this area. Even though there might be a bullish trend for higher levels, I assume we can have a correction here.

MojtabaPourmehdi

The support area depicted as a box -can be extended lower to 1.286- repels the price high, but I assume each time the repulsion becomes weaker and GU can stay longer in the box. Eventually I can expect something like today news on Britain & US manufacturing PMI do the job for bears.

MojtabaPourmehdi

A bear trap might happen and activate stop losses, then approaching the main support bulls take control.