GOLD: two tops in price diverge with two tops in RSI
Hi Guys,
Gold exited the bearish trend and is positioning itself approximately at the level where it was on the 1st of August when FED accompanying statements became more and more hawkish (see my previous post).
The divegence made today beteen price and RSI may indicate that momentum is pausing and price action may be contained within the green rectangle before the release of the FOMC minutes.
Thank you for your attention, and please share your views and comments. Any idea is a contribution for a better understanding of The Matrix.
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.
Gold exited the bearish trend and is positioning itself approximately at the level where it was on the 1st of August when FED accompanying statements became more and more hawkish (see my previous post).
The divegence made today beteen price and RSI may indicate that momentum is pausing and price action may be contained within the green rectangle before the release of the FOMC minutes.
Thank you for your attention, and please share your views and comments. Any idea is a contribution for a better understanding of The Matrix.
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.
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I am sorry I posted it with the characters too small. Here a more acceptable size.
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This is the idea of the forming triple top making D. The idea is a Head & Shoulders formation towards the release of FOMC minutes. If, during formation of 2nd shoulder and following the release of the minutes, the sentiment do not reach overbought and make a lower top of the previous two in the RSI, then momentum will be lost and price will dive for the neckline. However, if during formation of 2nd shoulder sentiment consolidate price above 1234 then D may never form. Lol
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In the 15 minutes chart RSI should top in overbought area one more time right when FOMC minutes are released. In this moment price will make a top. If this top do not close above 1234 and confirms D I would look to trade a bearish ZigZag targeting the neckline for a possible breakout, test and why not, maybe again 1200. Who knows...let's see how it unfolds...Thank you for following. Good night.
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I like this approach...
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I have not read it yet but looks interesting: www.bis.org/events/c...ak_morse_vissing.pdf
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How Important Is Information from FOMC Minutes? www.frbsf.org/econom.../files/el2016-37.pdf
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It is still a long time before FOMC minutes. Here a quick update.
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Looks like three tops in a rising wedge diverging with RSI...
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