TradeApe
Short

Gold Analysis - The story of an annoying supply zone

FX:XAUUSD   Gold/U.S. Dollar
302 2 5
This stupid stuuuuupid supply zone right below price is really starting to piss me off. 1130.1 to 1165.86 is a major supply zone it seems and price is hesitant to even touch it at the moment.

My long term view for gold             is still bearish because stuff like rate hikes WILL happen and it's only a question of WHEN, not IF. Having said that, I wouldn't really sell right above this supply zone ...sell into rallies from that level instead or wait for a clean break if you're (very) patient. That way you won't get killed by the choppiness .

DMI is bearish with DI+ having dropped below 20 now. I guess taking a stab if 1178.86 breaks isn't bad if you get a good short signal on lower itmeframes...just don't be surprised if it bounces off 1165.86, so set your trades to breakeven and/or use sensible stop losses.

Personally, I'll be looking at selling opportunities at key resistance levels up to 1391.97 (2014 high!). I really can't see that level break bar any freaky stuff (China economic crash, Russia attacking Finland, etc.) happening...but who knows. I might play a few shorter term longs in between those resistance levels should the bulls gain strength, but I won't be a position trader long term holder...sry gold             bugs ;)

We might get some more of this sideways crap though because we faced the same at this level in Nov/Dec...and summer's right around the corner.

To clarify: I am looking for shorts but I'm not saying go short right now. Wait for rejections at the indicated resistance levels and use proper money management (breakeven settings, proper stop losses & leverage). In the short to maybe medium term this could go either way, so I'm not opposed to short term longs given bounces from key support levels. Just in the long run I'm only after adding position shorts.
KingTraderXXIII
2 years ago
See you at $850-900 Early Fall.
We should make a new low around 1060-1090 in the next 4-6 weeks.
Reply
Yahia.Awes
2 years ago
I believe it has to fall to 1160 and from there it CAN be really bullish.
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