Since my last GOLD analysis there’s nothing new to tell, which is frustrating, because that triangle / pennant should be triggered a few days ago. Now, the impression GOLD gives us is that is moving sideways and will spoil the chart pattern without a real breakout.
The link to my last GOLD analysis is below, and I invite you to follow me to keep updated about the market, I do daily analysis here and you are welcome to join our community.
Now, the most favorable scenario would be an upward breakout, because the main target of this trade would coincide with a previous top on the monthly chart, which is around U$ 1.8k, take a look:
On the other hand, if GOLD is going down, the bears will have a hard time passing through some supports, like the support zone 1 and 2 draw in the daily chart above. In my view, these are strong supports, but if the bears manage to pass through them, the price can sink back down to U$ 1.4k again.
Also, let’s look the hourly chart:
The “war zone” is an important point to notice, it was support and resistance multiple times in the past, but it seems the bears can’t stand holding the price under that zone for too long.
In any case, GOLD would be a hard trade to do now, and a long trade would be better than a short trade because of the targets and the Risk/Reward ratio, so I desire for a bullish sign here.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
The link to my last GOLD analysis is below, and I invite you to follow me to keep updated about the market, I do daily analysis here and you are welcome to join our community.
Now, the most favorable scenario would be an upward breakout, because the main target of this trade would coincide with a previous top on the monthly chart, which is around U$ 1.8k, take a look:
On the other hand, if GOLD is going down, the bears will have a hard time passing through some supports, like the support zone 1 and 2 draw in the daily chart above. In my view, these are strong supports, but if the bears manage to pass through them, the price can sink back down to U$ 1.4k again.
Also, let’s look the hourly chart:
The “war zone” is an important point to notice, it was support and resistance multiple times in the past, but it seems the bears can’t stand holding the price under that zone for too long.
In any case, GOLD would be a hard trade to do now, and a long trade would be better than a short trade because of the targets and the Risk/Reward ratio, so I desire for a bullish sign here.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
🔴 Only 5% of traders manage to beat the market.
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💲💲 Project 5%: + 104%
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👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
