FX:XAUUSD   Gold/U.S. Dollar
Gold             started its latest rally following the completion of an AB=CD pattern near 1070$ and the breakout of a small falling Wedge breakout.
It rallied 100$ and met the major 1160-1180$ structure zone that held as support till July 2015 and reversed its role to resistance and pushed Gold             back towards the 1100$ zone.

During the last trading week, gold             rallied from 1100$ and closed above its fast and 50 SMA line, providing another bullish signal that it may make another run towards its 200 SMA line.
If we are indeed before another gold             run there are two sell zones to focus on:

1. 1160-1180$ - The same zone that managed to stop Gold             on its previous run is about to get some further resistance in the shape of the daily 200 SMA line

2. If somehow Gold             will manage to overcome 1160-1180$, it will complete a bearish harmonic pattern ( Gartley ) right on the 1200$ handle (also daily structure zone - 1200-1210$)

Notice also that I've added a descending channel, created from two parallel downtrend lines, both played resistance role in Gold's decline (see marking with arrows), and each one of these lines touch one of resistance zones (the bottom one touches 1160$ and the upper one touches 1200$). This is actually a downtrend channel.

The first resistance zone could lead to another bearish wave in gold             .
The second one (near 1200$) could send Gold             for a consolidation period between 1210$ and 1160$ as we've seen it doing between March and June this year.

If you like this analysis you can sign up for my weekly newsletters here ( forex and stocks ) - http://goo.gl/psNTqg

Visit my blog and follow for great trading ideas and educational material - http://goo.gl/78KZsl
Visit the Youtube channel - https://goo.gl/CC2leM

Subscribe now - https://goo.gl/dDs4Pn

Tomer J,
The Market Zone - You trading Edge
Visit my website - http://www.themarketzone.net/
Blog - http://www.themarketzone.net/?page_id=2371
Youtube - https://www.youtube.com/c/TheMarketZoneNet
Looks good!
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