Good Day..!
It been a while I am sharing an idea about gold. This is the very 1st "short term" gold technical analysis in 2019.
2019 is mysterious year for gold. Both bear and bull are in power, hence the momentum will be tiny. We rarely get huge spike in 2019. Technically momentum folded into a triangle's narrow area.So we have to break this triangle to get bigger momentum. I am not expecting a breakout in 2019 for many reason. So let's trade the range that market offer to us.
Gold closed around 1321 price level this week, which is right below the resistance. We had a higher expectation of correction towards 128x range to add more longs to our portfolio, but Gold did not fall below 1302 after printing a high of 1326. 1303-1300 was the strongest level of gold since last two years that favors price action to the level of 1360.
Let's figure it out the technical possibilities from the chat itself
This analysis valid only for next 5 trading days :)
My Pick - Scalp the triangle
It been a while I am sharing an idea about gold. This is the very 1st "short term" gold technical analysis in 2019.
2019 is mysterious year for gold. Both bear and bull are in power, hence the momentum will be tiny. We rarely get huge spike in 2019. Technically momentum folded into a triangle's narrow area.So we have to break this triangle to get bigger momentum. I am not expecting a breakout in 2019 for many reason. So let's trade the range that market offer to us.
Gold closed around 1321 price level this week, which is right below the resistance. We had a higher expectation of correction towards 128x range to add more longs to our portfolio, but Gold did not fall below 1302 after printing a high of 1326. 1303-1300 was the strongest level of gold since last two years that favors price action to the level of 1360.
Let's figure it out the technical possibilities from the chat itself
- Formation of break out triangle - Feb ends
- Formation of BAT harmonic pattern (bullish) - Feb 22nd
- Due of C wave in Elliot wave analysis
- News Gap @ 1305 printed last week
- Price action under resistance - 1323 Falling Trend line
- Price trading above ribbon and 200MA
- Support by bullish channel
This analysis valid only for next 5 trading days :)
My Pick - Scalp the triangle