Some cheer for Gold bulls on subtle signs of a bullish reversal. On the daily chart, we have a few things to watch out for taking a Long position in Gold. Of course, if the qualification criteria fails, bets are off on Longs and we'll have to wait for further PA.
Comments
justatrader
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If there's any kind of correlation between Gold and the Aussie dollar, then the (possible) long position on Gold coincides with a (possible) AUDUSD long. Also the current weakness in EURUSD is clearly looking to be a correction, with the upside target of $1.40 still in place. While i'm not good on timing, I think we will see a bullish move in all 3 pairs at/near the same time.
I believe there is a scalp long opportunity for gold the first of the week. There is a noted divergence on the stoch, but a better buying opportunity could present itself when the stoch witnesses support at the divergence line while price makes a higher low. It almost looks like price is trying to make a huge wedge on the daily chart, if this is so, price could head lower.
Weekly chart has made an outside bar which could be a clue price could try to find support at a lower level. Continuation of price next week would confirm this.
alex.a
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Perfect strategy it has been - Perfect no other words - just perfect - double check to make sure a single action to be cautious to maximum ~ Such an admirable strategy indeed -
Pipaluk
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I started buying today based on the idea I posted: tradingview.com/v/ec6skpGC/ My stop is a bit tighter than yours though.
justatrader
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So you're taking a long when prices moves from below and a short from above. Interesting approach. I think 1293 could be reached quite easily. There's a small-ish outside day candle on the weekly, so could be a small dip before price tends to move higher.
alex.a
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I see up until US GDP on Thursday. And then NFP (Oct) on Friday will plummeted down - Continue to down & down & down - This is Christmas season, all business will be up and running over time to fill the orders. However, the Gold side demands for gifting seasons also must be considered. What is more? Gold demand for gift giving season? or US economy recovery on the way whose good news will work toward tapering...
justatrader
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Only price will tell. NFP (Oct) is going to be tricky, based on how the market will estimate its consensus. Gold buying season is here.. But this time India has its import duty on Gold which is definitely going to put a lid on traditional Gold purchases from India. That said, i'm watching $1150 region. This was tested before. It sits in around a key Fib level on the monthly charts and could indicate a double bottom before price surges higher. Gold is definitely going to push higher we need to make sure to get in on longs at the right time or a good opportunity will be missed.
alex.a
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My concerns is DXY. Not always reverse with XAUUSD but it is going up and up - Then XAU's ability to move up will be limited fairly limited -
titi
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Very interesting to watch @1293, as Gold tends to retrace 61.8 Fib of most moves.
tradingview.com/v/PCQbo7cr/