Technician
Long

Gold: Due for a Correctional Bounce?

FX:XAUUSD   Gold / U.S. Dollar
1206 27 28
Update: That trade failed. Breaking 1240.00
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Gold             is trading near the bottom of a clear short term bearish channel , where Oversold conditions, bullish divergence on RSI and the Short term channel support hint a potential upside pullback for now.
The pullback scenario requires 1240.00 major support to hold. And targets the mid-channel resistance around 1275.00 level.

1240.00 is a key support level to watch.

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you got it, probably 1290
+2 Reply
Technician TOP QuantitativeExhaustion
Let's see how it unfold
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sir di you mean buy gold now and take profit around 1275???
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Technician TOP binaryoption
I dont mean anything sir :). This is my opinion about gold in the short term :). Thanks
+2 Reply
very clear channel and divergence. Its help me more confident with my idea, thx you MOD.
idea#129, XAUUSD pending Long on nice Gartley pattern
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Technician TOP hungvutrader
Hopefully will work for both of us. Thanks mate
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HI technician my idea is long if prices break 1259
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Technician TOP manijeh.kazemi.33
Good, this may give more confirmation. 1258.00-1259.00 is a resistance level. Good luck
+1 Reply
I am long from 1250.00. Lets hope 1240.00 support hold
+1 Reply
Technician TOP Technician
I dont want to see stability below 1240.00
+1 Reply
hi, technician

Gold broke down channel ,that you did draw and retest.


+1 Reply
Technician TOP forexmarketview.com
yep, it did, now 1240.00 is the key support. if price holds below it i would exit on a loss.
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LuigiZeroZero Technician
Very high net short, short covering rally should happen as did in May
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So far fails to hold below 1240.00, no daily closing. Therefore, haven't closed my long position.
snapshot
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Cfsqbwn. Technician
I am long from 1241...What SL you suggest??
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i will wait and see if price settles and hold below 1240.00 for a while, probably two consecutive four-hour candles.
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Cfsqbwn. Technician
I'll be careful.

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So far no good buddies, I am still holding
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Failed setup, I closed the trade at 1230.00 with a noticeable loss.
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LuigiZeroZero Technician
It's good of you to share your insights, especially when you're wagering real money. Thanks.
Your set up is a good one but as it's a reversal rather than continuation set up, I would buffer more time and margin as the set up takes time to unfold. If I'm tight on time or margin I would go for easy kill like long ES.
For me, I turn to USD as the ultimate indicator. Interestingly, this week DX will close on record high volume on an eight week high. Distribution has been going on for awhile but this one is ultra high volume which is climatic buying by retail investors. I look at the other currency and metal, I see professional buying as they're high volume on downbars.
The reversal might not happen the next day, but your observation is right on.
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LuigiZeroZero LuigiZeroZero
As I typed, ES seems to be confirming a top reversal as well. So what used to be long DX long ES short everything else will likely reverse?
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Technician TOP LuigiZeroZero
Not sure what ES symbol refers to?
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LuigiZeroZero Technician
ES is E-mini S&P where I come from. Sorry I forgot different exchanges have different symbols.
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Technician TOP LuigiZeroZero
Ur right, i should have waited for more confirmation as well.
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LudmilaHanania Technician
The short precious metals trade is becoming a very easy trade, where all are confident and sure of much lower prices , maybe a vicious rally is too close.
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Now it broke the trendline and lost further.

If this week, FED is more hawkish,Gold could down more and more.

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it seem like the channel got broken already around 10 bars ago on that bigger red bar :)
then it got retested and then we continued down. actually not quite the best spot for a long trade but you always notice in hindsight first ^^
here a little helicopter view for the next year :D
snapshot
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