motleifaul
Short

Lower highs + lower lows = trend down

FX:XAUUSD   Gold/U.S. Dollar
91 11 2
... says the wise.
jangseohee
2 years ago
:-)
Reply
Gold moves more clearly in the weekly and monthly...even daily is too choppy for me.
Reply
Hi motleifaul, you are right in 60 mins chart and overall trend is bearish, but daily is showing just the opposite , higher low and identified demand zone. Be careful with a possible retracement to 1180
snapshot
+2 Reply
ForceFollower Realisto_FX
2 years ago
A good point.
+1 Reply
motleifaul ForceFollower
2 years ago
Thank you for the support. I know that you always look at diferent time frames before making a conclusion.
And you know the same from me. Jpocalles is right, of course, that there is a demand zone giving support. But such zones have different influence: Yes, they provide support. But they also tend to attract the price. The market tends to make sure that the zone holds.
Reply
ForceFollower motleifaul
2 years ago
I really don't know what to expect at this point. Both Gold (XAUUSD) and the Swiss Franc (S61!) are safe have asset classes that appreciate during risk-off periods of time (eg. when there are political crisis and/or investors avoid stock markets and risky assets). Now it's still a risk-on time and, if you overlay both instruments, you might expect risk-on should continue for a while (to the bottom of the gold's downward channel). However, when you watch the franc itself, it seems to have found support. Here's what it looks like:
snapshot

snapshot
+2 Reply
motleifaul ForceFollower
2 years ago
Great approach! But I think that better the CHFUSD and XAUUSD shoul be compared. And the the picture becomes a little bit clearer. The support zones are there for both. And they are abit lower tha the recent price for both. So I see the chance for a test of it.
Of course nobody knows the future. And if I would know I wouldn't tell anybody.
+1 Reply
ForceFollower motleifaul
2 years ago
I like it: "I wouldn't tell anybody". :-) LOL
Yeah, we're dealing with uncertainty - and that's the beauty of it. But it's a beast as well sometimes...
Reply
motleifaul
2 years ago
Well done, wise! I am taking the profit now at 1144.40 .
Reply
jangseohee
2 years ago
long way down?
snapshot
Reply
motleifaul jangseohee
2 years ago
A downtrend is a downtrend. Never tade against it. :-))
+1 Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out