Technician
Long

Gold: Is Price Action Signalling A Buy?

FX:XAUUSD   Gold/U.S. Dollar
1555 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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VladimirGas
2 years ago
did you manage to enter at todays dip? it was bought out surprisingly fast
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Technician TOP VladimirGas
2 years ago
Actually, i didn't yet
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VladimirGas Technician
2 years ago
Could you please elaborate on the entry? What are the perfect conditions for long entry in your opinion?
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ZoltanCsaszar
2 years ago
What you think about the down channel. This price action should be better near to support are.
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You know we have the same bullish bias, but I'm starting to get worried. Weekly is bullish, so rule is go long on daily. The bullish divergence has been in play for some time, and with every rally comes a retracement back to the support line, a failed rally attempt. I still hold a minor long position since the 24th last month, and I will hold it until I get stopped out, but my confidence is slowly fading away.
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VladimirGas vlad.adrian
2 years ago
I personally tried to go long after two rejections, all ended for zero. its an endless guessing game: on which side the price will break out
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I think it worth a try, at the end of the day trades are winners and losers, I don't bother thinking which way will break, what I see is what i trade.. I see price behavior that favors a bullish move, I capitalize on it,
Note that strong rejection is clear on the lower time intervals as well.
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HexVex Technician
2 years ago
There was a good opportunity today to go long around 1288. I took it. 4hr looks like there might be a a test of 1279 where I'll load up longs before another push up to test the decending trendline around 13500. Still eyeballing GBPUSD too :) Have a good weekend!
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Technician TOP HexVex
2 years ago
I longed at 1288 as well. Good luck
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VladimirGas HexVex
2 years ago
Its actually pretty amazing. How did did you get in at 1288? its the very low. Could you please share what was the reason to enter at this particular level? Because I can't see any significant levels of support at 1288. I only had courage to enter after the price came back from the dip at 1294. And yeah, I wish you good luck as well ;)
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Technician TOP VladimirGas
2 years ago
My entry was at 1288.47, i was going to initiate a long at 1290 but price fell quickly so was triggered at 1288.47.
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RinatG.
2 years ago
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taxfreelt RinatG.
2 years ago
You right Rinat, I expect fast decline too. There are no valid divergence on Technician chart. Price in triangle and did already 5 waves, and likely exit from triangle next week. Decline targets 1200-1220
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VladimirGas taxfreelt
2 years ago
Ive been watching gold closely for the last three weeks and its obvious that the triangle is symmetrical. The breakout itself hasn't happened yet so I wonder based on what facts traders guess the side the price is going to break..
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Technician TOP VladimirGas
2 years ago
I personally do not speculate on the direction of the breakout.
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Technician TOP taxfreelt
2 years ago
Whats wrong with the divergence
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taxfreelt Technician
2 years ago
sorry - this one divergence valid - my mistake. But this is contracting triangle where entrance was from the top and i think exit will be to the downside. http://clip2net.com/s/i7NHZq
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Technician TOP taxfreelt
2 years ago
Could be the case :) . Good Luck
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HermanBrummer PRO Technician
2 years ago
I agree with Tech, could do either way, I have seen plenty of contracting triangles that skyrocketed. But most importantly, I also with agree with what he said here: "I personally do not speculate on the direction of the breakout."
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Deus RinatG.
2 years ago
Agree.
Immediate short in Gold
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Deus Deus
2 years ago
No real divergence. Just a contracting triangle. You see that triangle in RSI is rising which I would treat as a bearish sign.
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Technician TOP Deus
2 years ago
I have to say that the triangle you have drawn is not valid. Ur not connecting the lows correctly, if we have to categorize this pattern the closest it can get is a descending triangle, or a potential falling wedge.
PS. symmetrical triangle is not categorized as a continuation pattern.

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Deus Technician
2 years ago
Ok. If to be accurate this seems to be valid. Triangle starts with a wave and than it has been symmetrical so far. Can turn to be a falling wedge.. who knows.. Still looks bearish. Why symmetrical triangle is not a continuation pattern? I thought it is.
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Technician TOP Deus
2 years ago
The one u have outlined here is not the same as the one u outlined in the prior comment. The first triangle u drawn is not a valid one as i mentioned the reason, it doesn't connect the highs properly. The second one could be, but i don't like it because it neglects the first pullback wave from 1277 to 1330. So for me, this is not a symmetrical triangle. It's either a descending triangle, or a sideways range, which i tend to consider it a sideways range, because the dip towards 1268 violated the horizontal support at 1276.

Excuse me I wanted to say symmetrical triangles aren't unanimously categorized by technicians as a continuation patterns, some see that the pattern breaks in the opposite direction of the trend in a big percentage of times.
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Deus Technician
2 years ago
and there is also a negative divergence on 4H chart that I think is more relevant than the one on D chart as the latter marked the beginning of the triangle which is always tricky in terms of indicators
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elp
2 years ago
Gold looks like it made a hidden divergence using the ultimate oscillator. June and December 2013 gold made a double bottom with the UO below 30. On the first of April 2014 gold made a higher low, while the UO made an equal oversold reading as June and December 2013, making a hidden divergence. The two levels I am looking at are 1315.50, strong weekly close above will look to long. 1275, strong weekly close below, would look to short with caution since 1180 is right below. Entering a seasonality period where gold tends to make a summer low and IMO could form a triple bottom to long.
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fximperija
2 years ago
While you all were watching the daily I show you how much trading opportunities have you missed on H4
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fximperija fximperija
2 years ago
And these patterns emerged in that wedge (pennant) where you all have been waiting for a breakout :)
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Technician TOP fximperija
2 years ago
U should have posted them man :)
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fximperija Technician
2 years ago
Will do next time, thx
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HexVex
2 years ago
No one seems to have suggested using Ichimoku. Take a look at it on the daily chart :)
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I would be very cautious going here - in fact, 1338 is my reversal which may be wiser to establish a short rather than trying to grab a long here. 1240 is where I will be watching but I still have a target in GLD of 120-118. I see a large descending triangle - should support break, I would not fight it.
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Deus MarketAlly
2 years ago
Time to add shorts?
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MarketAlly PRO Deus
2 years ago
I am currently in DZZ and yes, my triangle has an edge of 1282 and 1240 is the next edge IMO. But if we scale out some - you will see a large descending triangle.

https://www.chann3ls.com/Plans/SpecificPlan?planid=272559ed-8234-426b-ae36-12aec94d9d3a
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MarketAlly PRO Deus
2 years ago
keep an eye on 1240... still holding DZZ.
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MarketAlly PRO Deus
2 years ago
Taking DZZ profits - exiting my short in Gold
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Guys, After yesterday's rejection I exited the trade with a minor profit at 1293.00.
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fximperija
2 years ago
Still short on Gold
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fximperija fximperija
2 years ago
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 PRO fximperija
2 years ago
And you were right. Cogratulations....
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Willing to long gold again, will probably see a rally.
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VladimirGas Technician
2 years ago
May I ask you what is your strategy to enter long after the rebound today?
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Deus Technician
2 years ago
Geez.. it gives me tic! Still waiting for downside break though allowing some upward correction now.
Tricky gold
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Technician TOP Deus
2 years ago
Great Call Deus, its breaking heavilly
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MarketAlly PRO Technician
2 years ago
where's the love Tech... called this 7 days ago ;)
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HexVex
2 years ago
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
GOLD BEARISH GARTLEY
Good luck all!
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