Last week we have been doing some scalping on gold, we traded only on the 15 minute timeframe. Since the last analysis we did, gold moved up just as expected and predicted in our analysis and on our TG. We exited our trades in profit. Now, we are looking at the 15MIN chart of gold.
Technical analysis: The price was moving in a downwards spiral, through a descending channel as a correction from its recent push to the upside. It has been creating clean levels and created some great opportunities for some simple setups. It pushed down firstly to the 2074.00 level where it got stuck in a channel between 2074 and 2080, it tried to break the 2080 resistance but there was not enough buy volume. This is where we entered some trades and waited for it to break down as we saw that its pretty weak. It pushed further down to 2065 where we exited in profit most of our trades as it bounced of its lower trend line of the channel. We waited for a retracement and entered again at the retest of the 2074 level, when again it pushed down to its support around 2061.00. We exited our positions again around 2065.
Outlook: The price bounced off its support on 2061, but showed some weakness on the last trading day of last year. As USD was making a correction, we were waiting for USD to retest its last low to confirm that USD was still weak, as exactly that happened gold showed some signs of strength and broke out of its descending channel. Right now, we exited some positions in profits and holding on to others and waiting for possible new simple setups to take some more positions.
Technical analysis: The price was moving in a downwards spiral, through a descending channel as a correction from its recent push to the upside. It has been creating clean levels and created some great opportunities for some simple setups. It pushed down firstly to the 2074.00 level where it got stuck in a channel between 2074 and 2080, it tried to break the 2080 resistance but there was not enough buy volume. This is where we entered some trades and waited for it to break down as we saw that its pretty weak. It pushed further down to 2065 where we exited in profit most of our trades as it bounced of its lower trend line of the channel. We waited for a retracement and entered again at the retest of the 2074 level, when again it pushed down to its support around 2061.00. We exited our positions again around 2065.
Outlook: The price bounced off its support on 2061, but showed some weakness on the last trading day of last year. As USD was making a correction, we were waiting for USD to retest its last low to confirm that USD was still weak, as exactly that happened gold showed some signs of strength and broke out of its descending channel. Right now, we exited some positions in profits and holding on to others and waiting for possible new simple setups to take some more positions.
Trade closed: stop reached:
We closed the rest of our positions at breakeven and waited for some new buy opportunites, but the price broke the 2061.00 support at continued moving downwards.