EvanJones
Long

If we break 1110 then its safe haven gold we go for!

FX:XAUUSD   Gold / U.S. Dollar
120 5 0
IN recent weeks safe havens have come into there element and Gold             is not shy of storing hedge funds deposits into this asset.

We may have a double top forming here, in which case watch for the bounce and possibly attempt to short this instrument. However, if this level is breached, then I suspect longs are in play and a triangle breakout will confirm a new trend. (Will post an update showing the triangle formation).

For more information on trading, education and fun tips please sign up to my site in the making: http://www.ejfxtrading.com
Comment:
snapshot
This is what I think will happen:
snapshot

Reply
As stated its broken the 1110 level, so my pending buy is triggered, however the key to this trade is to observe the daily close, which if it remains above 1110 then we could be on for a rally. I would expect Gold to pop itself above the resistance area before retracing. Be carefully that tomorrow evening the FED decision is on, going by my analysis this may not be good news for the US Dollar in which case Gold would be supported.

If you were to enter now and place stop losses below the 1100 area, bear in mind that Gold will swing during tomorrow nights decision, but I am heavily under the suspicion the Gold will go North from here!
Reply
did it break this morning?? looks promising
Reply
Good analysis. I'll wait for updates.
Reply
Observe the weekly to see the triangle formation. COT's indication shows a net increase in hedge fund deposits in Gold and hence see as a safe haven. Price could break the mid upper trendline to confirm breakout. I'm expecting this to rally to 1400-1440 area if confirmation of the breakout is confirmed.

Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out