Gold High probability Shooting star set up

FX:XAUUSD   Gold / U.S. Dollar
Shooting star reversal candle setup

High probability setup. Massive divergence and overbought on the oscillators.
Overbought ? seriously....
+1 Reply
waleedkhan BillKillington
I am sorry you were saying?

I think you missed the word "relative" (i.e in terms of the time frame)
hmmmm good but i m long on Gold
+1 Reply
waleedkhan qaiser4u007
Possible Head & Shoulder on Gold
Iskandarglenn waleedkhan
Yes! I agree! Would like to see H and S finish on Monday. And then a Complex to follow would be nice! The question is?. Is this a pump and dump, or the start of something, in which case i need to adjust the sails. Regards Glenn
+1 Reply
waleedkhan Iskandarglenn
Same thing I've been wondering...

It sure looks like a pump & dump...

However, if this is the start of a new bull run; then according to elliottwaves 1290-1301 must hold; to validate this down move as a "corrective wave"...

If this breaks then we can go a lot lower!

Good luck!
Iskandarglenn Iskandarglenn
My calculation on H & S, is 1301.92!
+1 Reply
waleedkhan Iskandarglenn
Agreed...that sounds about right to me...

However I would still be skeptical about going long from there...

The s&P posted a very strong bullish candle on the daily chart; if we get more upside this could put pressure on gold.

waleedkhan qaiser4u007
Please be careful; equities have rebounded; oil is falling; silver looks bearish...

I would only think of longing after a clear close above 1314-16 zone!
the market will tell, but i m still more bias to the upside… hope to see more comments
+1 Reply
waleedkhan TucKinetti
I agree; there is a good case for the upside technically...

However a cross market analysis plus the recent news about deescalating tensions between russia and ukraine; could cause more downward pressure...
Unfortunately I pulled out of this trade on the first line... if only I held on! *patience really pays*
Iskandarglenn waleedkhan
IMO. Bullish gartley still in play...I hope! 1260.72- 1264.74 area! Low being 3rd June.
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