Technician
Long

Gold: Is Price Action Signalling A Buy?

FX:XAUUSD   Gold Spot / U.S. Dollar
1557 46 17
Price has been moving in a sideways bias within the past few weeks, as I hinted earlier that multiple breakouts above moving averages usually hints sideways bias. However, every dip was re-bought strongly, we have seen multiple rejections at the floor of this sideways range at 1280.00-1270.00 area. A bullish divergence on Momentum continues to be obvious as well. I am looking to long gold             near 1290, targeting 1330 and 1350. with a stop loss below 1275.00

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Still long waiting for a break higher after short/long long/short the 4hr chart like fximperija :) Don't think there will be a break in any direction until the FOMC tomorrow. This market is waiting for something and my hunch its a break higher - before going down like most expect. I like this idea Good luck all!
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Willing to long gold again, will probably see a rally.
+2 Reply
VladimirGas Technician
May I ask you what is your strategy to enter long after the rebound today?
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Deus Technician
Geez.. it gives me tic! Still waiting for downside break though allowing some upward correction now.
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Great Call Deus, its breaking heavilly
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MarketAlly Technician
where's the love Tech... called this 7 days ago ;)
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Still short on Gold
+1 Reply
fximperija fximperija
Just an update :) Gold completed the bullish gartley and reversed on a dime for a nice long. Target 1 hit :) punched through 50 fib and on the way to Target 2. Beyond T22 is another bearish pattern. I would trail the PA from T2 expecting a bearish move.
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Pashabxl fximperija
And you were right. Cogratulations....
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Guys, After yesterday's rejection I exited the trade with a minor profit at 1293.00.
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