KVE
Short

XAU/USD: Possible counts, structures and levels to watch

FX:XAUUSD   Gold/U.S. Dollar
727 6 18
5 months ago
Several possible counts on the weekly:
1) Wave 1 - ABC flat to 2 - wave 1 of 3 ongoing...
2) Wave 1 expanding leading diagonal - wave 5 almost done...
3) Wave 1 - expanding triangle - wave D almost done...

There might be others, please share!

Other things to consider:
  • The longterm 'down' trendline is getting close..., may draw price in to test it..., Brexit might trigger a breakout...
  • Daily BB tested today, 6 bullish candles in a row already, 7 starting off now ( FOMC spike might continue a bit...)
  • Former high at 1303.62
  • Weekly BB closeby around the former high
  • Weekly MA(200) closeby, currently at around 1313             ...
  • Daily Stochastics overbought, RSI not quite there..., no divergence...
  • Weekly stochastics has turned up, both stochastics and RSI have room to move upward...

Make what you want of this, I think some retracement to the downside is due soon, hard to say how big it could be with the referendum coming up....
5 months ago
Trade active: Tested the 200MA so entered a small short at 1313.96...
Starting small for now..., will add depending on PA
5 months ago
Comment: Daily / weekly:
snapshot


4H show a nice pinbar, so looks promising, first fast EMA coming up for support, we'll see...:
snapshot
5 months ago
Comment: 15min. chart, wouldn't it be nice to get a working H&S out of this..., just a thought...:
snapshot
5 months ago
Comment: That's a strong bullish candle on the daily..., it's not over yet...
snapshot
5 months ago
Comment: Probably safe to say the weekly 200MA did the job and triggered a bearish reversal, all counts are still valid, shorts are therefor preferred under normal circumstances but with the Brexit referendum in 2 days there is no sane way to enter any, other than very short-term, trades based on this. I have close all but a few positions and deleted most of my pending orders in preparation of the referendum...

The extra volatility during and shortly after the referendum could surely provide great opportunities but could also prove disastrous if one doesn't know how to adjust their trading accordingly... This will no doubt be an interesting week, safe trading to all!

snapshot
5 months ago
Comment: Updated chart:
snapshot
5 months ago
Comment: It seems x marked the spot allright..., if this sets through we could be in a wave 3..., on to the trendline and likely above it... We'll see what tomorrow brings...
snapshot
5 months ago
Comment: We've already gotten very close to the trendline..., there's a good chance that we will break it!
This means we probably have scenario 1 on our hands, wave 1 with ABC irregular/expanding flat and we are now in wave 3... I will update again later...
snapshot
5 months ago
Comment: Update:
Consolidation....
Daily bearish candle, but not convincing, I need a clear break and close below the weekly MA(200) and a clear break and close below 1300 (preferably below 1295) to consider new shorts, until then I'm biased to the long side..., maybe tomorrow will tell...
Weekly might form a doji but it's too early to tell..., not sure if we will this week break out of the range formed by the previous week's candle...

snapshot
5 months ago
Comment: Getting close to a very important trendline people..., keep a close eye on this...:
snapshot
5 months ago
Comment: Moment of truth may be near...

Continued idea here:
XAU/USD (Gold): Moment of truth?
XiaJi
5 months ago
like and thank u
Reply
KVE PRO XiaJi
5 months ago
Thanks for your comment, safe trading!
Reply
Richmand808 PRO
5 months ago
Nice call KVE.
Reply
KVE PRO Richmand808
5 months ago
Thanks!
Reply
XiaJi
5 months ago
This week, gold closed at 1317. By early next week you gold 06/27/2016 amplitude increases again? Thank u ^^
Reply
XiaJi
5 months ago
According to you today and tomorrow the sun will follow the trend going up or down? Thank u ^^
Reply
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