GOLD update: Testing 3 yr trend-line + 1240 Level, LONG
This is an update on my original idea published on June 28th, price has now reached the level at which I was hoping a reversal would happen.
ECHNICAL:
1.
- Gold has been forming a possible Ascending Triangle pattern on the weekly chart since December 2015
- Price is now touching the ascending trend-line of the pattern for the 3rd time
2.
- RSI is at the level, at which the initial bullish reversal in the formation of the Ascending triangle pattern was seen
- RSI also extremely oversold on all timeframes
3.
- 1240 Physchological level seen near the trendline so may be a possible level for reversal
4.
- 50 fib re-tracement of Bullish move from 18/12/2016 - 21/01/2018 coinicides with trendline resistance as well as Physchological level just below
FUNDAMENTALS:
- Trade war between USA/China/EU not showing any signs of an agreement yet/ramping down.
- On Sunday it is claimed that Donald Trump said he believed the nuclear disarmament deal with North Korea may not work out, if this is true this could be very bad news for the US and a repeat of previous meetings with North Korea.
- A lot of high volatility USD news this week including FOMC statement minutes on Wendesday.
-Appreciate any thoughts, comments. Thanks for reading.
James .
ECHNICAL:
1.
- Gold has been forming a possible Ascending Triangle pattern on the weekly chart since December 2015
- Price is now touching the ascending trend-line of the pattern for the 3rd time
2.
- RSI is at the level, at which the initial bullish reversal in the formation of the Ascending triangle pattern was seen
- RSI also extremely oversold on all timeframes
3.
- 1240 Physchological level seen near the trendline so may be a possible level for reversal
4.
- 50 fib re-tracement of Bullish move from 18/12/2016 - 21/01/2018 coinicides with trendline resistance as well as Physchological level just below
FUNDAMENTALS:
- Trade war between USA/China/EU not showing any signs of an agreement yet/ramping down.
- On Sunday it is claimed that Donald Trump said he believed the nuclear disarmament deal with North Korea may not work out, if this is true this could be very bad news for the US and a repeat of previous meetings with North Korea.
- A lot of high volatility USD news this week including FOMC statement minutes on Wendesday.
-Appreciate any thoughts, comments. Thanks for reading.
James .
Comment:
Nice price reversal seen on the 4h chart
Comment:
- Bullish marbozu candlestick also seen on the hourly chart close @ 9am
- Requirements being no upper or lower wick and a completely full bodied green candlestick
- Indicates buyers had control throughout the entire candle and gave sellers no room to push the price down
- Requirements being no upper or lower wick and a completely full bodied green candlestick
- Indicates buyers had control throughout the entire candle and gave sellers no room to push the price down