Hallo People of Tradingview, if you want to trade GOLD always keep an eye also on the US Dollar Index. The analysis starts when prices take the distance from the SMA in July 2014 with a clear move that reached an high of 100.39 before forming a broadening formation. During this period of accumulation/distribution DXY reached it's peak when Trump was elected. Following Trump's election the value of the DXY dived before finding support on the same SMA again and reacting to it. The move towards the SMA is a 5 wave move down. The bump on the SMA may be a 5 wave move up too. The last candle may be the last motive wave of this formation. If this is the case I would expect the August candle to push for a top (watch out for a spike) and then I would wait to see how September starts before trading October, November and December with some wind in my sails. But the question I am asking myself in this moment is the following: is it realistic to expect US economy to enter into recession in the short-term? In my view August has not yet made its highest high but I do trade GOLD, not the DXY.
Please note that I am not a professional trader and these are my personal ideas only.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Thank you for following and for sharing your ideas.
Disclaimer:
The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
Please note that I am not a professional trader and these are my personal ideas only.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Thank you for following and for sharing your ideas.
Disclaimer:
The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
